Retest and short continuation?
If price can successfully retest the Daily 20 SMA, which also falls into place with an important support/resistance area, we could see a new short reversal on the 4H.
The 4H shows a classic double top and a similar pattern to the AUDCAD (linked below). Again, as long as price stays above the 20 SMA on the 4H and does not show a stronger rejection of the Daily 20 SMA, it's not a short setup.
Very nice example of how top down analysis works.
The 4H shows a classic double top and a similar pattern to the AUDCAD (linked below). Again, as long as price stays above the 20 SMA on the 4H and does not show a stronger rejection of the Daily 20 SMA, it's not a short setup.
Very nice example of how top down analysis works.
I have been trading for 15 years!
> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
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> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: tradeciety.com/webinar/
> Free blog: tradeciety.com/blog
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.
I have been trading for 15 years!
> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: tradeciety.com/webinar/
> Free blog: tradeciety.com/blog
> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: tradeciety.com/webinar/
> Free blog: tradeciety.com/blog
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.