Hey traders!
I'm looking at this short trade as we continue to trade below the EMA50. Some very interesting market structure here, and we can see a potential breakdown of this descending triangle. However, we need to be careful as we have a very strong support level (major 0.88 fibo) just below the breakout level.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
I'm looking at this short trade as we continue to trade below the EMA50. Some very interesting market structure here, and we can see a potential breakdown of this descending triangle. However, we need to be careful as we have a very strong support level (major 0.88 fibo) just below the breakout level.
***This is not investment advice and is simply an educational analysis of the market and/or pair. By reading this post you acknowledge that you will use the information here at YOUR OWN RISK
Note
Crossing out confirmation line! Daily candle close will confirm.Note
Now at support. This selloff has been aggressive, and it will escalate once the support level is confirmed broken.Note
Daily candle has now closed below support level:Note
We're approaching the edge of the trading range at $35 so things may need to consolidate before further bloodletting to approx. $20.Note
MAN this market moves fast... but we need to consolidate a bit in order to hit our target.Note
HIT TP! Cheers,!Trade closed: target reached
Note
Still sinking in this pair.Note
Breakout!Note
Fakeout! And we've even rallied above the invalidation level for a short trade. Is this is a bull trap?
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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.
Related publications
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.