This is a trade idea, all the fundamentals to do with the state of the economy, c*****virus statistics and the uncertainty of the position of Great Britain can signify a bearish movement in the future. Not to mention it being under the 200EMA for a while which can show that we can be looking at a long term short. On the other hand price can improve and the economy...
Price has respected previous level of resistance as support
So price has been in an ascending channel on the 4h timeframe since the 26th of March and the trend has been gradually reversing as you can see we’ve been getting higher highs and lower lows but as the channel ascended even more these highs and lows have been inconsistent and we are now seeing lower lows and lower highs this is an indication of a changing trend...
Confluence with the trendline from the 4h timeframe and the s&d zone expecting a bounce at this zone into the upside
Simple break and retest Of a trendline
Price tested this zone at least 3 times and has rejected it when broken through
Simple setup on 15m frame
I saw that price was rejecting a certain support level and this was finally broken and could be tested as potential resistance
Pretty simple - price is bouncing within this channel and is closing within it on most timeframes, expecting a possible bounce to the upside - If not then price will fall, TRADE AT YOUR OWN RISK!
Trendline broken on 4h timeframe most probably waiting for a retest then a sell off if it is a A legitimate Breakout, if not then expecting price too bounce to the upsides, depends on your bias!
Simple break and retweet’s of trendline strategy
Bullish flag seen on 15m and 1h and retest reversal confirmation on 4h time frame