https://www.tradingview.com/x/78bPiLCg/
- Reasons to Short
1. Price has retraced up to a strong Supply Level and is showing signs of exhaustion by analyzing the Candlestick Price Action at this level.
2. A Rising Wedge can clearly be seen and is indicative of a bearish reversal pattern.
3. Current Price Level has also reached a prior ascending trendline (now acting as resistance)
4. Bearish Divergence can be seen on the RSI as price level reaches overbought conditions.
- I will be looking for this weekly closure candle to give me further insight to this setup, can be a good opportunity for next week.
- Reasons to Short
1. Price has retraced up to a strong Supply Level and is showing signs of exhaustion by analyzing the Candlestick Price Action at this level.
2. A Rising Wedge can clearly be seen and is indicative of a bearish reversal pattern.
3. Current Price Level has also reached a prior ascending trendline (now acting as resistance)
4. Bearish Divergence can be seen on the RSI as price level reaches overbought conditions.
- I will be looking for this weekly closure candle to give me further insight to this setup, can be a good opportunity for next week.
Nota
Last week's closure showed a strong bearish move, breaking the Rising Wedge. This week I will look for a re-test of broken structure to confirm the downside move and go short. Overall, I am very pleased with the Weekly Closure, being that the candle closed in an inverted hammer. (Bearish Candlestick Pattern). I will continue to update this idea as the week continues. Cheers.Nota
I forgot to update, my apologies. However, the trade was a success. I took it short all the way down to .98.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.