Looking at this chart we try to understand market structure based off waves and fractals. Ichimoku signs show bearishness no doubt about it. However, at level B a pullback came up based on an overextended market as it was quite far away from Kijun. The big move we were expecting was back to the downside, so previous daily candle show a nice rejection in fractal zone. If we go down to H4 we took the trade after the first bear fractal break.
If we use Fibonacci extension tool, our first target is set on 16.132.
I will update this trade later on once it goes forward.
If we use Fibonacci extension tool, our first target is set on 16.132.
I will update this trade later on once it goes forward.