Multiple confluences for a short (in my opinion). What I see is, starting from the Weekly TF, 1.) Big bearish break of MAs from the week prior
2.) Break and close below Key level 1.7750
3.) New Lower Higher formed ( ? ) rejecting off major Key Level 1.8000
Daily TF ; 1.) Multiple touches of decending trendline
2.) Area between 61.8 - 78.6 % fib levels being respected
4HR TF ; 1.) Strong engulfing bearish candle
2.) Trendline rejection
3.) Counter Trendline broken/ retested & respected
4.) Main trendline retested / respected for 3rd time
5.) MAs acting as potential dynamic resistance
6.) Fibs TP levels line up beautifully with key levels
My reason for having 2 short positions up is because 1.) I was going to be extremely busy and didn't want to keep checking my phone/ laptop so I got into trade at first fairly early. (I understood the risk, doesnt worry me because I use good Risk Mngmt)
2.) saw the confluence that I explained on the 4hr TF that gave me confidence of analysis.
PLEASE DO NOT TAKE THIS ANALYSIS AS A SIGNAL! use your own analysis as well and use good risk management!
-SWAY.
Over and Out.
2.) Break and close below Key level 1.7750
3.) New Lower Higher formed ( ? ) rejecting off major Key Level 1.8000
Daily TF ; 1.) Multiple touches of decending trendline
2.) Area between 61.8 - 78.6 % fib levels being respected
4HR TF ; 1.) Strong engulfing bearish candle
2.) Trendline rejection
3.) Counter Trendline broken/ retested & respected
4.) Main trendline retested / respected for 3rd time
5.) MAs acting as potential dynamic resistance
6.) Fibs TP levels line up beautifully with key levels
My reason for having 2 short positions up is because 1.) I was going to be extremely busy and didn't want to keep checking my phone/ laptop so I got into trade at first fairly early. (I understood the risk, doesnt worry me because I use good Risk Mngmt)
2.) saw the confluence that I explained on the 4hr TF that gave me confidence of analysis.
PLEASE DO NOT TAKE THIS ANALYSIS AS A SIGNAL! use your own analysis as well and use good risk management!
-SWAY.
Over and Out.