Smart_Money_Trader

Smart_Money_Trader

confluence

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look for shorting opportunities around this area of conluence

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confluence area with the fib projection tool

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opportunity may arise if price revisits that 1618 confluence area, this definitely on my watch list

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Reverse head and shoulders pattern forming

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sell setup

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Candle pattern = bearish engulfing, trend line = close to the bearish resistance line, volume = higher than previous candle, Stochastic = over bought

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if this setup is a traditional descending triangle, it means that price will eventually break the support and find new lows but i am hoping for the bulls to come through

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a bearish engulfing candle is signaling a bearish move which will be hauled by the bullish head and shoulder pattern, this will in turn mark a new trend to the up side.