reasons for entry
1.price is trading withing a descending channel on monthly that had two false breakouts to the upside with the last 1 being a liquidity grab as it tapped into a order block and viciously dropped to the downside, price then came back up and re tetsted the channels resistance before dropping again causing lower highs and lower lows to form
2. price has broken the monthly channel on the weekly timeframe with a strong bearish candle and with the candle before being a doji .
3. price has created a pendant at the bottom of the monthly channels support which it broke out of as well
I'm expecting price to pullback at market open to last known area of support to form a new resistance before continuing to downside so go to 4hr to find perfect entry after market open my tp will be at 0.64500 and keep in mind that theres high impact news for this pair all week next week the biggest day being tuesday. Good luck traders!
1.price is trading withing a descending channel on monthly that had two false breakouts to the upside with the last 1 being a liquidity grab as it tapped into a order block and viciously dropped to the downside, price then came back up and re tetsted the channels resistance before dropping again causing lower highs and lower lows to form
2. price has broken the monthly channel on the weekly timeframe with a strong bearish candle and with the candle before being a doji .
3. price has created a pendant at the bottom of the monthly channels support which it broke out of as well
I'm expecting price to pullback at market open to last known area of support to form a new resistance before continuing to downside so go to 4hr to find perfect entry after market open my tp will be at 0.64500 and keep in mind that theres high impact news for this pair all week next week the biggest day being tuesday. Good luck traders!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.