As seen in the chart, the red lines represent bull trades whereas green lines represent bear trades. The reason why this is so is due to my CURRENT shorting bias for this with the following reasons:
1. The current market structure is an ascending channel (4hr and 1hr TFs), which means I expect a further descent to a decent local support say 1804.5 or 1802.5.
2. The overall market structure (1D and above - bull flag) expects it to descend further to 1760+ ish prices before making an ascent with the hopes of breaking its current strongest resistance of 1852.
3. There is a strong bearish divergence for the 4hr TF and a weak bearish divergence for the 1hr TF, which also explains the small amount of pips I am targeting.
Either way, it can still go up as well due to the confluence found on the 1D TF, signaling that the bull run WILL continue but NEEDS to re-trace and by the time it does hit my buy area (my TP area for short), I hope to hit my long area of 1813-1816).
Disclaimer: This is for educational purposes only.
1. The current market structure is an ascending channel (4hr and 1hr TFs), which means I expect a further descent to a decent local support say 1804.5 or 1802.5.
2. The overall market structure (1D and above - bull flag) expects it to descend further to 1760+ ish prices before making an ascent with the hopes of breaking its current strongest resistance of 1852.
3. There is a strong bearish divergence for the 4hr TF and a weak bearish divergence for the 1hr TF, which also explains the small amount of pips I am targeting.
Either way, it can still go up as well due to the confluence found on the 1D TF, signaling that the bull run WILL continue but NEEDS to re-trace and by the time it does hit my buy area (my TP area for short), I hope to hit my long area of 1813-1816).
Disclaimer: This is for educational purposes only.
Trade closed: target reached
