Hi Traders,
I'm analyzing the price action pattern from yesterday's bull, which unexpectedly extended the legs further for third and fifth waves, causing my scalping method to enter in losses instead. My view is to wait for the confirmation for a bearish downturn continuation channel for a scalp sell (sell on strength) and big shadow candlestick pattern in a high timeframe (1H/4H charts).
Price may be extended to Fibo 78.6% level (1856) which should not happen; hence, a false bear trap from last week's price movements. There is a strong level around 1852 classic resistance and trendline that should push the price down before it enters back to the bull zone.
Wait for correction wave A to happen and come back to wave B for the corrective wave to be finalized. If this hypothesis holds true, then short around 1835-1836 area SL 1844 TP 1803-1810
Please give a like, comments, and feedbacks. It will help me learn from your perspective as well.
I'm analyzing the price action pattern from yesterday's bull, which unexpectedly extended the legs further for third and fifth waves, causing my scalping method to enter in losses instead. My view is to wait for the confirmation for a bearish downturn continuation channel for a scalp sell (sell on strength) and big shadow candlestick pattern in a high timeframe (1H/4H charts).
Price may be extended to Fibo 78.6% level (1856) which should not happen; hence, a false bear trap from last week's price movements. There is a strong level around 1852 classic resistance and trendline that should push the price down before it enters back to the bull zone.
Wait for correction wave A to happen and come back to wave B for the corrective wave to be finalized. If this hypothesis holds true, then short around 1835-1836 area SL 1844 TP 1803-1810
Please give a like, comments, and feedbacks. It will help me learn from your perspective as well.
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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.