[EURUSD] Sell Limit - 04/05/22 - New York Session
Monthly: On the monthly timeframe we have a few key things going on. For one we have an overall downtrend that has been respected since 2011. Next we have a downtrend that was respected from 2015, with an underlying uptrend from the same time. Together these trendlines have created a bearish variant Symetrical Triangle structure. Market is currently at the 5th point of this structure which based on market structure means that it should continue bearish break that zone, retest and then continue. Also there is divergence forming indicating a reversal, which is interesting but not surprising because price just got down to this low point. This is an overall perspective on the highest possible timeframe, so my bias here is bearish.
Weekly: The weekly structure has been bearish. There has been some retracements but no change in structure. Weekly bias is bearish.
Daily: The market has been bearish. From the last break of structure market rejected a -61.8 point and retraced up to the 78.6 and has been bearish since then. Market is going to continue to be bearish and hit the -27 zone. The first zone that it needs to touch is the -61.8 rejection zone. We are expecting slow highs and lows before eventually hitting the -61.8. Bias is bearish.
4H: Structure hasn’t really formed. It has been a consistent downtrend. It has found some support at a demand zone and that’s about it. Bias is bearish.
1H: The trend is in a continuation pattern. It retraced to 23.6 but hasnt shown any signs of any type of opposite movement. Bias is bearish.
Entry: On the 15M after market hit the 23.6, it has been bearish, and had a 78.6 retracement. Because 23.6 is a zone of continuation I’m not expecting it to break that high. I drew out a trendline and my entry is where market will retest that trendline before continuing the trend. This entry also falls in a liquidity zone because it is above the previous LH. Market is going to sell.
Weekly: The weekly structure has been bearish. There has been some retracements but no change in structure. Weekly bias is bearish.
Daily: The market has been bearish. From the last break of structure market rejected a -61.8 point and retraced up to the 78.6 and has been bearish since then. Market is going to continue to be bearish and hit the -27 zone. The first zone that it needs to touch is the -61.8 rejection zone. We are expecting slow highs and lows before eventually hitting the -61.8. Bias is bearish.
4H: Structure hasn’t really formed. It has been a consistent downtrend. It has found some support at a demand zone and that’s about it. Bias is bearish.
1H: The trend is in a continuation pattern. It retraced to 23.6 but hasnt shown any signs of any type of opposite movement. Bias is bearish.
Entry: On the 15M after market hit the 23.6, it has been bearish, and had a 78.6 retracement. Because 23.6 is a zone of continuation I’m not expecting it to break that high. I drew out a trendline and my entry is where market will retest that trendline before continuing the trend. This entry also falls in a liquidity zone because it is above the previous LH. Market is going to sell.
Comment:
What happened: Missed entry by 4 pips.