EURUSD Short:
Chart looks a but messy but I've labelled key points.
Just waiting to see how price reacts with the downward trend line. Wanting price to slow down as seem to pick up bullish momentum this morning, looking for potential hourly/4 hourly candlestick reversal pattern.
Confluences:
After the break of the counter trend line we printed a 4 Hour lower low, first indicator of a new trend
we drew a Fibonacci from previous significant high to previous low and price is in the area of interest of the 0.786 fib level
one of the most important things I find is to look left in a chart, and we find previous structure and a level of previous resistance
we have a downward trend line drew from higher time frames which price has climbed back up to
if we also jump up to the daily you'll find the 50ma just above where the price reached which can be another level of resistance
Chart looks a but messy but I've labelled key points.
Just waiting to see how price reacts with the downward trend line. Wanting price to slow down as seem to pick up bullish momentum this morning, looking for potential hourly/4 hourly candlestick reversal pattern.
Confluences:
After the break of the counter trend line we printed a 4 Hour lower low, first indicator of a new trend
we drew a Fibonacci from previous significant high to previous low and price is in the area of interest of the 0.786 fib level
one of the most important things I find is to look left in a chart, and we find previous structure and a level of previous resistance
we have a downward trend line drew from higher time frames which price has climbed back up to
if we also jump up to the daily you'll find the 50ma just above where the price reached which can be another level of resistance
Trade closed: stop reached:
Stopped out of this one -1%
Comment:
switched bias after price printed a higher high, looking for longs