SnipedPips
I TOOK THIS TRADE CAUSE I SAW A DAILY ENGULFING PATTERN ON THE DAILY CHART, WHEN I SAW IT I STEPPED DOWN TO THE 4H CHART AND MARKED STRUCTURE. AFTER MARKING MY STRUCTURE I CONNECTED A ASCENDING TRENDLINE WITH MY TWO HIGHER LOWS AS THE MARKET BIAS WAS BULLISH. I SAW A CONSOLIDATION RANGE SO I MARKED THE CONSOLIDATION AREA WITH A BLUE BOX AND I PATIENTLY WAITED FOR...
HAVING EXPERIENCE WITH COUNTER TRENDLINES IM GOING TO TAKE PROFIT ON THE NECKLINE. WHICH IS A RETEST ARE WHERE THE MARKET WILL MOST LIKELY GO TO RETEST AND COMPLETE THE HEAD FOR THE HEAD AND SHOULDERS PATTERN
I SAW MARKET STUCTURE TURN BEARISH AFTER THE 4H BULLISH TRENDLINE WAS BROKEN, I PATIENTLY WAITED FOR NEW LOWER HIGHS TO ENTER ON A FIB LEVEL. AT THE FIB LEVEL I SAW THE MARKET DOUBLE TOP ON THE 1H AND EMA'S SQUEEZING SIGNIFYING A CHANGE IN DIRECTION. I KNOW THIS MARKET IS OVERALL BEARISH CAUSE ITS MAKING ITS WAY FROM THE MONTHLY LEVEL TO THE NEXT. I ALSO TOOK THIS...
-.50 FIB RETRACEMENT - COUNTER TREND LINE BREAK - 4H EMA CROSSOVER - DAILY ENGULFING
.886 RETRACEMENT OFF MONTHLY KEY LEVEL LOOKING LEFT WE CAN SEE THAT IT WAS KEY AREA OF RESISTANCE.
UJ OVERALL MARKET BIAS OF BEARISH .382 RETRACEMENT AND 2H EVENING STAR CANDLESTICK FORMATION
I SAW DAILY BEARISH ENGULFING PATTERN OFF A KEY RESISTANCE ZONE. I ALSO SAW THAT IT RETRACED OF A FIBONACCI LEVEL AND THE RETESTED. THERE ALSO A TRENDLINE BRAKE ON THE 2H-4H CHARTS
1. GOOD STRUCTURE TRADE 2. FIB RETRACEMENT ON .382 WITH 8H EVENING STAR CANDLESTICK FORMATION FORMED