hey guys,
I want to give you another example of a top down analysis approach in action.
first of all open a 4h chart,
what you can notice is that the market coils in a triangle and now it is approaching its resistance line.
+ we have a clear divergence on rsi
what I do next, I go to a lower timeframe and look for confirmation signals:
as you see we have a nice double top pattern + rsi overbought with divergence
I will be looking for a bearish violation of a support line to sell the market.
your targets will be based on structure.
good luck!
Note
Going downNote
almost hit the first targetNote
Hit target 1
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✅Join My Telegram Channel: t.me/VasilyTrading
❗️YouTube Channel youtube.com/c/VasilyTrader
✅ Facebook: facebook.com/VasilyTrading/
⭐ My Forex & Gold Broker: bit.ly/vasilyforexbroker ⭐
❗️YouTube Channel youtube.com/c/VasilyTrader
✅ Facebook: facebook.com/VasilyTrading/
⭐ My Forex & Gold Broker: bit.ly/vasilyforexbroker ⭐
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.