EURSEK MULTI-TIMEFRAME ANALYSIS & TRADE IDEA - ICI & M PATTERN
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We can see that on all Higher Timeframes (Monthly, Weekly, Daily) EURSEK is bearish.
Monthly the market has created an M pattern where we can expect a retracement back to the neckline or wick of the monthly candle, where its lining up with structure and the 0.382 of the fibonacci retracement.
Dropping down on the Weekly we have an ICI to the downside where its also lining up with the 0.50 of the fibonacci retracement and structure where it was previous support turns resistant.
On the 4H timeframe this is where we take our trade. We will base our entry on the 0.50 of the fibo, and our take profit is at the fibo of the impulse of the weekly W pattern, which is lining up also with the wick of the monthly M pattern. Our stop loss is above the last high.
Trade Signals
SELL
Entry: 10.04000
Take Profit: 9.73703
Stop Loss: 10.09727
Good luck!
Trade wisely, please do proper money management.
~FX_SHIFTER
We can see that on all Higher Timeframes (Monthly, Weekly, Daily) EURSEK is bearish.
Monthly the market has created an M pattern where we can expect a retracement back to the neckline or wick of the monthly candle, where its lining up with structure and the 0.382 of the fibonacci retracement.
Dropping down on the Weekly we have an ICI to the downside where its also lining up with the 0.50 of the fibonacci retracement and structure where it was previous support turns resistant.
On the 4H timeframe this is where we take our trade. We will base our entry on the 0.50 of the fibo, and our take profit is at the fibo of the impulse of the weekly W pattern, which is lining up also with the wick of the monthly M pattern. Our stop loss is above the last high.
Trade Signals
SELL
Entry: 10.04000
Take Profit: 9.73703
Stop Loss: 10.09727
Good luck!
Trade wisely, please do proper money management.
~FX_SHIFTER