List of confluences:
1:Stop loss hunt at previous low on weekly chart
2: Double Bottom formation on daily chart around previous low on weekly chart
3: Daily chart and H4 trendline breakout
Summary:
Price is currently over extended and has been moving in a down trend for 3 weeks straight. We are looking for a potential pullback to just above the 50% (1.69187 - 1.68428) of the previous down trend.
There's is a potential for strong mean revision to take place allowing big players to hunt some stops and grab some liquidity before we see a continuation to the downside. You could add a 6Ema and 30 SMA on the H4 time frame for more confluence.
This trade is expected run for the next 8-9 trading days or until the target is reached, whichever comes first. Always remember to Buy to the low and Sell the high in the direction of the trend
1:Stop loss hunt at previous low on weekly chart
2: Double Bottom formation on daily chart around previous low on weekly chart
3: Daily chart and H4 trendline breakout
Summary:
Price is currently over extended and has been moving in a down trend for 3 weeks straight. We are looking for a potential pullback to just above the 50% (1.69187 - 1.68428) of the previous down trend.
There's is a potential for strong mean revision to take place allowing big players to hunt some stops and grab some liquidity before we see a continuation to the downside. You could add a 6Ema and 30 SMA on the H4 time frame for more confluence.
This trade is expected run for the next 8-9 trading days or until the target is reached, whichever comes first. Always remember to Buy to the low and Sell the high in the direction of the trend
Comment:
We have reached the halfway mark of the trade. We wait afew more days before closing.
Comment:
Not enough momentum to push price to target. Trades closed in profit. The trend is extremely bearish now and its advised to close longs and enter shorts when the time is right. We could see some very strong moves to the downside! over the next 3 to 4 weeks
Comment:
The bears have take over, we should see a continuation to the downside for the next 2 to 3 weeks!
Comment:
Target reached! But it tool too long so we close the positions.