Top Down analysis on the short term sell for EN. This pair I believe should be coming down at least 50-120 pips before shooting back up later in the week, so this is a very short term sell of of this pair. Ultimately I am bearish on this pair!
Confirmations:
-Weekly: Last time we were this high in price was in Sep 2015, so we are in some pretty high unknown territory!
-Daily: Price has been in an uptrend for some time now and I do believe it still has some more room to move up, but for the past days we've seen nothing but strong bullish candles which is good for a long term bullish bias but we do need some kind of pullback at some point, and this most recent daily candle has formed as a pretty strong bearish candle.
-4h: After being in a slight downtrend, we just broke structure back to the upside and past my down trend line, when price reached 1.79200 it has a very strong engulfing candle pattern to the downside showing we could be bearish for the next day or so (needing that pullback)
-1h: Price broke below my up TL strongly while also having the MA's cross to the downside showing momentum to the downside, we also broke below a daily level and are now retesting the MA's and level as a ceiling
-15m: I would have sold price at the top by 1.78900 when it broke my TL and MA's switched over but I was fast asleep haha, but not that price has fallen and it is starting to stall what I'm seeing is that price broke the closest TL I had drawn up and is also resetting the MA's as resistance while also treating the fib levels well!
**These are not trade calls these are for myself and you guys to learn as we go on this trading journey to become the best we can be**
Confirmations:
-Weekly: Last time we were this high in price was in Sep 2015, so we are in some pretty high unknown territory!
-Daily: Price has been in an uptrend for some time now and I do believe it still has some more room to move up, but for the past days we've seen nothing but strong bullish candles which is good for a long term bullish bias but we do need some kind of pullback at some point, and this most recent daily candle has formed as a pretty strong bearish candle.
-4h: After being in a slight downtrend, we just broke structure back to the upside and past my down trend line, when price reached 1.79200 it has a very strong engulfing candle pattern to the downside showing we could be bearish for the next day or so (needing that pullback)
-1h: Price broke below my up TL strongly while also having the MA's cross to the downside showing momentum to the downside, we also broke below a daily level and are now retesting the MA's and level as a ceiling
-15m: I would have sold price at the top by 1.78900 when it broke my TL and MA's switched over but I was fast asleep haha, but not that price has fallen and it is starting to stall what I'm seeing is that price broke the closest TL I had drawn up and is also resetting the MA's as resistance while also treating the fib levels well!
**These are not trade calls these are for myself and you guys to learn as we go on this trading journey to become the best we can be**
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.