So straight to the point. Lines drawn are structure line from different timeframes. The larger the timeframe, the much more significant it is
We can see clearly from the callout box that we have a false break which is a reversal pattern.
Now we need to note that the daily is now in a downtrend so this is only a pullback on 4hr to join the daily structure.
They say trend is your friend, but it is timeframe specific. This will form a new trend on the lower timeframes until we reach the higher timeframe.
If you agree with this trade, please give this a thumbs up. If you disagree, let me know your thoughts.
Thanks and good luck
We can see clearly from the callout box that we have a false break which is a reversal pattern.
Now we need to note that the daily is now in a downtrend so this is only a pullback on 4hr to join the daily structure.
They say trend is your friend, but it is timeframe specific. This will form a new trend on the lower timeframes until we reach the higher timeframe.
If you agree with this trade, please give this a thumbs up. If you disagree, let me know your thoughts.
Thanks and good luck
Trade closed: target reached
TP Hit
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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.