Lets trust on of the most basic concept of our charts, movement & retracement.
from the chart its quite clear that the chart mad a high and low in conscience of which we have a Higher High and Higher Low that are formed after testing the yellow line as an uptrend line, marked by violet. on the other hand the price is getting closed to the GREEN LINE which is our downtrend line.
if we take a look at lower timeframes such as 1H and less, we can see the price is on her retracement, because simply we got an inverted hammer candlestick formation (H1) as its sign.
usually, we say that the price would retrace up to the previous high that in this case, it is (the 1st HH) marked by violet on the chart.
SL & TP CLEAR ON THE CHART.
THE BEST TF FOR ME: H1.
remember this is just an idea.
from the chart its quite clear that the chart mad a high and low in conscience of which we have a Higher High and Higher Low that are formed after testing the yellow line as an uptrend line, marked by violet. on the other hand the price is getting closed to the GREEN LINE which is our downtrend line.
if we take a look at lower timeframes such as 1H and less, we can see the price is on her retracement, because simply we got an inverted hammer candlestick formation (H1) as its sign.
usually, we say that the price would retrace up to the previous high that in this case, it is (the 1st HH) marked by violet on the chart.
SL & TP CLEAR ON THE CHART.
THE BEST TF FOR ME: H1.
remember this is just an idea.
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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.