1H CHART...
if we look closely at this pair, its price range is showing 2 sets of market structure. 1; a range channel from previous downtrend 2; a downtrend channel which is the current struceture. one needs to ask themselves which of the 2 channels is the strongest. if we look closely support has been tested multiple times and so has resistance. IN MY OPINION, DOWNTREND CHANNEL IS MORE STRONGER, WHY, BECAUSE THERE ARE 2 LH AND 1 LL SO FAR. I'D SAY THAT THERE WILL BE ANOTHER LL THAT WILL BE FORMED IN THE UPCOMING HOURS, SO I SHOULD WAIT FOR PRICE TO REACH DOWNTREND RESISTANCE AREA AND THEN EXECUTE MY TRADE.(this is my own opinion of the market, any action taken based on this analysis rests entirely at your own risk).
if we look closely at this pair, its price range is showing 2 sets of market structure. 1; a range channel from previous downtrend 2; a downtrend channel which is the current struceture. one needs to ask themselves which of the 2 channels is the strongest. if we look closely support has been tested multiple times and so has resistance. IN MY OPINION, DOWNTREND CHANNEL IS MORE STRONGER, WHY, BECAUSE THERE ARE 2 LH AND 1 LL SO FAR. I'D SAY THAT THERE WILL BE ANOTHER LL THAT WILL BE FORMED IN THE UPCOMING HOURS, SO I SHOULD WAIT FOR PRICE TO REACH DOWNTREND RESISTANCE AREA AND THEN EXECUTE MY TRADE.(this is my own opinion of the market, any action taken based on this analysis rests entirely at your own risk).
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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.