Really liking this potential setup today with all timeframes aligning to the short side.
Daily | Good retest of resistance level and the 50 EMA with a nice bearish confirmation day
4H | Ascending trend line broken that was holding up the lows after rejecting the 4H 50 EMA that caused the break
1H | Pretty messy H&S in my eyes that took place but the bearish tone is still visible for me and price broke down making a strong lower low
and lining up for a retest of the 1H 50 EMA at the pivot where I will look to get short
Daily | Good retest of resistance level and the 50 EMA with a nice bearish confirmation day
4H | Ascending trend line broken that was holding up the lows after rejecting the 4H 50 EMA that caused the break
1H | Pretty messy H&S in my eyes that took place but the bearish tone is still visible for me and price broke down making a strong lower low
and lining up for a retest of the 1H 50 EMA at the pivot where I will look to get short
Note
Higher timeframes also tying in with the setup. Monthly chart will close bearish rejecting the monthly 50 EMA which is a very clean double top on the weekly chart with the ideal target for sellers right around the major level around 0.77300 and the weekly 50 EMATrade closed: target reached
Price played out pretty much picture perfectly lol. I just placed an order at the pivot which was triggered right around 1:30 AM PST time. Simple and great trade
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.