Initial Break + CSK Sell Signal Setup (4h chart)
Updated
I already call this a bear market setup now. This setup becomes invalid if we break 1953.047.
From this strategy, I saw 2 potential signal that tells us that the price will be going down.
First the bearish engulfing (initial break setup) and second is the CSK sell signal.
The bearish engulfing candle closes below CB1 and at the same time, the candle closes below the mid BB, creating a CSK Sell candle which is a strong sell signal.
From this setup, I'll gonna look for short entries.
We got 5 fib entries, in case that price goes up to test the IB zone. If it breaks, then setup becomes invalid.
Entry from fib:
* 1947.400
* 1949.558
* 1949.883
* 1951.273
* 1953.047
Potential TP zones as per fib:
* 1929.126
* 1914.342
* 1884.773
I'll be focusing on short setups since the chart gave me this structure.
From this strategy, I saw 2 potential signal that tells us that the price will be going down.
First the bearish engulfing (initial break setup) and second is the CSK sell signal.
The bearish engulfing candle closes below CB1 and at the same time, the candle closes below the mid BB, creating a CSK Sell candle which is a strong sell signal.
From this setup, I'll gonna look for short entries.
We got 5 fib entries, in case that price goes up to test the IB zone. If it breaks, then setup becomes invalid.
Entry from fib:
* 1947.400
* 1949.558
* 1949.883
* 1951.273
* 1953.047
Potential TP zones as per fib:
* 1929.126
* 1914.342
* 1884.773
I'll be focusing on short setups since the chart gave me this structure.
Note
Price didn't reached my ideal short entries, but we can always find entries on other setup like BB on lower timeframe.But this just serve as my personal guide on where the price will go in bigger picture.
Price already hit the first target :)
Note
Price rejects at TP Zone #2.I think this bear setup is done and we're bullish again:
Unless we see another momentum sell and broke this support area, then we'll be all the way to TP #3 on this one.
Note
Price consolidates for 4 days in a row. And finally made some progress.Let's see if the 4h candle closes below the breakout zone on tp #2 (2.88 fib, 1910.46)
Note
The bullish setup is invalid.
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