Hi friends, I hope y'all are having a profitable week ;)
It seems like I'll be having one with you guys. This pair is showing a high probability of an upcoming drop that offers a 2:1 reward/risk ratio for each trade, since we are anticipating two. Allow me to illustrate how the bulls and bears might behave in triggering our trades and dis-confirming them.
Bulls: -If the price bounces off 1st 4H Key Lvl with a bullish reversal candle that leads it to bullish break and retest the 4H Neckline and 8 m.a (dark blue), the price would dis-confirm both trades before and after triggering them for either not taking a trade or cutting out loss short if we took it.
Bears: -If the current price bearish closes and retests below the 4H Neckline and 8 m.a (1st trade signal) and proceeds to bearish break and retest the 1st 4H Key Lvl (2nd trade signal), the price would be in prep to drop for the double tops L2 and L3 together for all the m.a's trend, and that will tell us we should take our trades. I call the first trade signal a Double Top B-E.1 and the second trade signal a Double Top B-E.2.
That's it for today...I hope you found value in this...If you anticipate a different scenario, feel free to share it in the comment section, I'd love to know your point of view!
Stay Blessed,
Doji-2K1
It seems like I'll be having one with you guys. This pair is showing a high probability of an upcoming drop that offers a 2:1 reward/risk ratio for each trade, since we are anticipating two. Allow me to illustrate how the bulls and bears might behave in triggering our trades and dis-confirming them.
Bulls: -If the price bounces off 1st 4H Key Lvl with a bullish reversal candle that leads it to bullish break and retest the 4H Neckline and 8 m.a (dark blue), the price would dis-confirm both trades before and after triggering them for either not taking a trade or cutting out loss short if we took it.
Bears: -If the current price bearish closes and retests below the 4H Neckline and 8 m.a (1st trade signal) and proceeds to bearish break and retest the 1st 4H Key Lvl (2nd trade signal), the price would be in prep to drop for the double tops L2 and L3 together for all the m.a's trend, and that will tell us we should take our trades. I call the first trade signal a Double Top B-E.1 and the second trade signal a Double Top B-E.2.
That's it for today...I hope you found value in this...If you anticipate a different scenario, feel free to share it in the comment section, I'd love to know your point of view!
Stay Blessed,
Doji-2K1