We have a triangle pattern on the H4 chart. Price was rejected from the upper trendline of the triangle and it looks like we are heading to its bottom. Price is consolidating now if form of a wedge. Will be looking for sell at the break of this wedge/flag.
Price has fallen off following a double top on the daily
Daily MACD Divergence supporting our SHORT bias
Weekly chart is showing signs of waking bullish pressure
Recent candlesticks on the weekly is showing indecision
Entry on 4 hour H/S pattern
Price has formed a double top on the weekly and daily timeframe at a matching point with the weekly 61% fib (pink one) and monthly resitence (blue line) forming our matching point with a strong monthly PRZ and now price is retesting the 38% fib continuing the downtrend after the bullsih trendline break
Fib levels are showing retracements of 0.618 and 0.5.
6 hours before (including the present candlestick that hasn't properly been formed yet.), there is a hanging man candlestick that forms and acts as support on the 0.5 retracement line and the candlestick before that acts as support for the 0.618 retracement line.
I would safely assume you should either buy on...
Make sure when the price reaches the final leg it has not violated any rules.I have highlighted the targets on the chart.
For any questions leave a comment or DM me.
Good Luck
We have received the impulse that has confirmed more downside for this pair. Now price is starting to form a corrective pattern. It is best to look for short after the corrective pattern is completed. Good luck everyone
