Looking at another mechanical short setup. This time USDCHF.
Price hit supply, got some rejection. Failed to break previous high.
Price ranged up in this upward channel/wedge, which seems to peak right into the supply.
Therefor a break might offer a short opportunity to maybe the 0.8930 range.
There is some USD data incoming in 1 hour and 15 minutes. Something to keep an eye on. This can fuel the setup or make it invalid. Another remark is that the 2 hour candle did engulf and if price reaches the bottom base of the wedge, it will be likely that the 4 hour candle also will engulf, which all together adds to the probabilities.
Price hit supply, got some rejection. Failed to break previous high.
Price ranged up in this upward channel/wedge, which seems to peak right into the supply.
Therefor a break might offer a short opportunity to maybe the 0.8930 range.
There is some USD data incoming in 1 hour and 15 minutes. Something to keep an eye on. This can fuel the setup or make it invalid. Another remark is that the 2 hour candle did engulf and if price reaches the bottom base of the wedge, it will be likely that the 4 hour candle also will engulf, which all together adds to the probabilities.
Order cancelled:
Call didn't work out well.
Happens.
New week, new round.
Happens.
New week, new round.