Situation
Price has been going up for a bit, but has also been slowing down near the last top formed on the 12th of August.
Trade idea
I want to trade the correction to the downside if it happens. Keep in mind that we are still in a uptrend so if we see some wick rejections to the upside, it would be likely for price to break the level and continue up. Otherwise to trade the correction downwards, we would have to see an accumulation (distribution) below above the uprising trendline (in Turquoise) for it to form a quick spring down.
Specifics
Also, profit taking will be tighter because we will have to expect a quick rebound upwards after that for the higher timeframe to continue upwards with the trend.
Bigger picture
Here is the longer timeframe TOP that it reached:
Price has been going up for a bit, but has also been slowing down near the last top formed on the 12th of August.
Trade idea
I want to trade the correction to the downside if it happens. Keep in mind that we are still in a uptrend so if we see some wick rejections to the upside, it would be likely for price to break the level and continue up. Otherwise to trade the correction downwards, we would have to see an accumulation (distribution) below above the uprising trendline (in Turquoise) for it to form a quick spring down.
Specifics
Also, profit taking will be tighter because we will have to expect a quick rebound upwards after that for the higher timeframe to continue upwards with the trend.
Bigger picture
Here is the longer timeframe TOP that it reached:
Comment:
We formed an inverted Head & Shoulders with a new bottom that will break to take even more liquidity
Comment:
^^ oups the last comment was from another pair...