AUDUSD on the 4h chart after the recent low retraced exactly at the 0.382 Fibonacci level.
The market broke the daily bear flag with a current retest of the resistance level.
How can we approach this scenario?
We would like to see a clear inversion at the confluence area between the weekly resistance and the Fib level.
In that case, we will check an entry point for a short order with a nice risk-reward ratio according to Plancton's academy rules.
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Follow the Shrimp
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
The market broke the daily bear flag with a current retest of the resistance level.
How can we approach this scenario?
We would like to see a clear inversion at the confluence area between the weekly resistance and the Fib level.
In that case, we will check an entry point for a short order with a nice risk-reward ratio according to Plancton's academy rules.
–––––
Follow the Shrimp
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis , please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
Comment:
a nice test of the 0.382 and the market moved in the expected direction
Comment:
Bearish continuation
Comment:
after the break the price is retesting the support