Agression initiation down; reacting to major long term trendline
Multitimeframe Analysis!
Price is reacting positively (downwards) to a long term trendline from the WEEKLY + a horizontal level.
Entry: major GBP news release in 7 hours, hoping it triggers me in on a limit order from implied volatility (expecting a small spike rejection/retest-ish)
Exit: I don't know how far the will go, so I will be adjusting depending on what the price action does.
Long term trendline + horizontal level convergence from the weekly:
Daily:
On the 4h, the RSI is fading down, indicating weakness :
15 min :
^^this whole pattern I've seen it before with experience. It's pure price action and it's telling me that it will go down.
Price is reacting positively (downwards) to a long term trendline from the WEEKLY + a horizontal level.
Entry: major GBP news release in 7 hours, hoping it triggers me in on a limit order from implied volatility (expecting a small spike rejection/retest-ish)
Exit: I don't know how far the will go, so I will be adjusting depending on what the price action does.
Long term trendline + horizontal level convergence from the weekly:
Daily:
On the 4h, the RSI is fading down, indicating weakness :
15 min :
^^this whole pattern I've seen it before with experience. It's pure price action and it's telling me that it will go down.
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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.