We had a barish impulsive move away from the monthly TL
Price then entered a correction period before breaking out to the downside
We then whitnessed another short correction period before another break and a bearish push to the underside of the 1h 200ema
This trade looks really good, but this is forex and anything can happen.
Whenever you are looking at a technical level, always ask yourself the following:
- Am I buying at a potential bargain/wholesale/discount price? (supply or demand zones)
- Why is there more likely to be more supply/demand orders at that area? (new traders entering/traders taking profit at horizontal, diagonal & dynamic support/resistance areas)