Overview (Weekly Time Frame):Price is reacting to a key weekly resistance zone, showing signs of rejection when zooming into the lower timeframes.
Daily Chart Explanation:The daily structure is mixed. While we see both bullish and bearish candles in recent days, yesterday formed a bearish pin bar, hinting that sellers may be gaining strength again. This kind of candle typically signals rejection from higher prices, but we must be cautious as it still sits within a choppy zone.
4H Chart Explanation:The 4H timeframe is trading below the 50EMA, which aligns with a bearish bias. This indicates short-term downward momentum. However, structure is not clean yet — I’m waiting for a clear trendline break or price action shift in the 1H chart to confirm entry. Patience is key 🔍
Plan:
Bias: Sell
Entry: Will wait for lower timeframe (1H) to show bearish confirmation – ideally a strong bearish candle with trendline break and close below key support
Targets:
TP1: Near-term support zone
TP2: Swing low area or weekly mid-range
Invalidation: Clean 4H close back above 50EMA or strong bullish engulfing on daily
Daily Chart Explanation:The daily structure is mixed. While we see both bullish and bearish candles in recent days, yesterday formed a bearish pin bar, hinting that sellers may be gaining strength again. This kind of candle typically signals rejection from higher prices, but we must be cautious as it still sits within a choppy zone.
4H Chart Explanation:The 4H timeframe is trading below the 50EMA, which aligns with a bearish bias. This indicates short-term downward momentum. However, structure is not clean yet — I’m waiting for a clear trendline break or price action shift in the 1H chart to confirm entry. Patience is key 🔍
Plan:
Bias: Sell
Entry: Will wait for lower timeframe (1H) to show bearish confirmation – ideally a strong bearish candle with trendline break and close below key support
Targets:
TP1: Near-term support zone
TP2: Swing low area or weekly mid-range
Invalidation: Clean 4H close back above 50EMA or strong bullish engulfing on daily
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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.
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.