Short play from resistance 0.8920
4hr :Head and Shoulder formed, followed by a break and retest of 4 hr 50 ema
1hr: Making lower lows and lower highs
Negative: Price is still in a small zone as highlighted on the chart, once we break out of that we could see a strong move to the downside (potential break and retest whats now support as later resistance)
Entered after 1 hr rejected 50 ema with strong bearish momentum, waited for hourly candle to close. Stop loss above recent high + .618 fib.
Looking to next support/resistance level of 0.879 unless technicals show price is turning to move back up. Will use aggressive stop management. Will update bellow.
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
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4hr :Head and Shoulder formed, followed by a break and retest of 4 hr 50 ema
1hr: Making lower lows and lower highs
Negative: Price is still in a small zone as highlighted on the chart, once we break out of that we could see a strong move to the downside (potential break and retest whats now support as later resistance)
Entered after 1 hr rejected 50 ema with strong bearish momentum, waited for hourly candle to close. Stop loss above recent high + .618 fib.
Looking to next support/resistance level of 0.879 unless technicals show price is turning to move back up. Will use aggressive stop management. Will update bellow.
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
Note
Trade closed manually
Price was sitting at the 1 hr 50 ema and formed a doji candle. My thought process was that price could potentially turn from there. If we don't respect the 1 hr 50ema then I'll probably be taken out for a full 1% loss. I moved my stop just above the 1 hr 50em and went to sleep. Shortly after my stop loss was it and I was taken out for roughly - 0.30 %Note
The 4 hr chart held the low which I indicated when posting about the trade around 0.886Price has pulled back up to .618 fib and intraday S/R. 0.8900
Price could easily print a 4 hr lower high here, and drop.
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.
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.