I think it important to have an idea where you think price is heading over the next few days and what will happen when price reaches these key levels, thats exactly what we have done with our analysis.
Overall price is in a downtend, we've done a top down analysis from the weekly down to the H1, and we've come across this potential double top that may form over the next day or so.
If the double to does form here's our confluences as to why we think price will drop to the downside;
We are at a major resitance level (hopefully with rejections)
At the top of a weekly downtrend channel.
Always wait for a break of the support level, in doing so a break of the uptrend trendline will also occure.
Entry will be rejections from the resitance level targeting the most previous low.
Any questions please comment,
Consider following this page for more useful content and trade ideas,
Good luck, stay blue,
Ash.
Overall price is in a downtend, we've done a top down analysis from the weekly down to the H1, and we've come across this potential double top that may form over the next day or so.
If the double to does form here's our confluences as to why we think price will drop to the downside;
We are at a major resitance level (hopefully with rejections)
At the top of a weekly downtrend channel.
Always wait for a break of the support level, in doing so a break of the uptrend trendline will also occure.
Entry will be rejections from the resitance level targeting the most previous low.
Any questions please comment,
Consider following this page for more useful content and trade ideas,
Good luck, stay blue,
Ash.