Price has reached TL resistance and I expect bears to come in and drive price back down.
1D: As you can see as price continues to make a new high, the indicator shows price making a flat; this may suggest bearish divergence.
My previous trade broke even as I assumed a breakout from the downward channel I had created in consolidation. This led to price re-testing an 88.6% level on fibonacci. If price closes above once again, I will be looking to long.
1W Chart shows that price is moving in consolidation in this triangle pattern and that the exchange rate is above the 200 EMA, therefore suggesting the current direction of price is still upwards:
-Price can exhaust outside of a resistance/support zone. It's not forced to stay exactly within restricted channels. I would...
-The 1W chart shows a re-test of the support TL on this triangle pattern. This shows that there is a lot of selling pressure and bears are in control.
If you look at price in the circled area, you can see that as price increases, the retracements are strong/deep; showing that if price were to continue higher, the bears will come back and drive price back down...
(This is an idea) after playing around.
-The current market sentiment is in a downtrend.
-Price has already made a Left shoulder & a Head for this structure.
-4H chart; Price holds at green zone resistance, so a potential ADAM/ADAM DOUBLE TOP:
-Price is below the 200 EMA.
-15minute chart: Harmonic pattern formation:...
Price tests 50% zone on Fibonacci numerous times on the 1D.
EVE-EVE double top on the 4H chart:
To understand what I mean by "Eve/Eve", highly recommend to check out the book: 'Encyclopedia of Chart Patterns; Second Edition by Thomas N. Bulkowski- it has around 850 pages.