I think this is a complex pullback which has happened and now also reached the 61.8 retracement from swing low to swing high. The big boys are clearly bearish and even though we saw an ascending triangle which I have drawn out, I am still bearish on this pair. Price may press up to red structure level( I drew a straight line I know) before reversing, or this retracement level as I mentioned will be the high. If the price does not show any bearish movements from now on, I would not consider still being a part of the trade, as an ascending triangle is a bullish signal and price may stay above this triangle resistance level and continue higher. The latest retracement if you look left was also a complex pullback as it made higher highs/lows which in a lower time frame can be seen as a reversal but it was just a pullback. I think this is the same scenario happening. We also got a very nice hanging man pattern on the 4hr chart. I will be looking for this next candle close to see how I position myself in the trade, even though my initial entry was exactly on the 618 retr.
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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.