From last week's analysis, we noted that a Bearish Triangle was going to form on the 4H chart.
Price has followed the analysis and got rejected at a key support level (yellow rectangle).
Price is likely to bounce back and get rejected at the new-formed resistance under the Triangle before going bearish and re-testing the key support level once again.
I'll keep an eye on the 4H chart this week and enter a short position on a lower timeframe when price has confirmed that it is rejected by the resistance level.
Thank you for reading and happy trading!
Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.
Price has followed the analysis and got rejected at a key support level (yellow rectangle).
Price is likely to bounce back and get rejected at the new-formed resistance under the Triangle before going bearish and re-testing the key support level once again.
I'll keep an eye on the 4H chart this week and enter a short position on a lower timeframe when price has confirmed that it is rejected by the resistance level.
Thank you for reading and happy trading!
Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.
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.
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.