H4 TA analysis of the current situation with two options ahead
Daily:
We have a not clear downtrend, almost empty area below 8.50. Next serious support is 7.40
H4:
Downtrend for 5 days (-23%), accumulation for 13 days with further bearish breakout. At 8.6 - new accumulation.
After false breakout, no high correction, 3rd bar after FB is "stop bar". Next bar in bearish. reached 80% H4 ATR for 3 hours.
It seems that shorts are nearby, but we have to be sure, that other scenario is cancelled. The best short signal for us will be small bars (H1-H4) in yellow box, just above the 8.5 line.
Tp is 3-5% above the 7.40
We have a not clear downtrend, almost empty area below 8.50. Next serious support is 7.40
H4:
Downtrend for 5 days (-23%), accumulation for 13 days with further bearish breakout. At 8.6 - new accumulation.
After false breakout, no high correction, 3rd bar after FB is "stop bar". Next bar in bearish. reached 80% H4 ATR for 3 hours.
It seems that shorts are nearby, but we have to be sure, that other scenario is cancelled. The best short signal for us will be small bars (H1-H4) in yellow box, just above the 8.5 line.
Tp is 3-5% above the 7.40
Trade closed manually:
Closed TP 9.80 as per sc#2