looking at the monthly and weekly charts it`s clear this pair is showing strong sognals of strenght to the down side, adding a double top in the weekly chart and the last monthly close.
i would be either expecting a range in the current area for this week or a candlestick formation that can provide a confirmation to go short.
also there is an interesting fibb confluence in the 61.8 area.
so i wont rush and wait to see a good reaction with the daily patterns or maybe in the 4-2 hours. for me the most accurate way to find an entry would be watching a structural change in the 2 or 4 h timeframe since the structure there is still bullish
i would be either expecting a range in the current area for this week or a candlestick formation that can provide a confirmation to go short.
also there is an interesting fibb confluence in the 61.8 area.
so i wont rush and wait to see a good reaction with the daily patterns or maybe in the 4-2 hours. for me the most accurate way to find an entry would be watching a structural change in the 2 or 4 h timeframe since the structure there is still bullish
Trade closed: stop reached:
this trade from my view was pretty solid it had good confirmations. however it didnt shio a significant structure change and also surpassed a previous area of Lh (daily ) which was significant cause it seems to be using it as floor . so ill keep track on this pair
Comment:
as i said i should've wait for a structural change just something to keep in mind for next trades. since the confirmations and what was giving me the impression of it being a soild trade was the area where it was and the cnfluence with the weekly fibb