Looking at the weekly time frame on this pair, we are at a level of previous structure looking left. If we go down to the daily time frame you can see the market has put in three candles with high test wicks. For me, this shows that the bulls have attempted to push through the resistance level but have been rejected by the bears each time.
This would signal a potential shorting opportunity. But how can we get involved?
Well moving down to the hourly time frame, price action has put in a double top, a break and close below structure then a retest of the 618 retracement completing a 2618 trade set up.
This presents a great shorting opportunity with good risk reward.
If price action is around the same level of Fridays close, the more conservative traders could look to shoot for targets at previous structure offering a 1:1 RR . Those more aggressive traders could shoot for extended targets down at the 618 retracement which lines up in the zone with previous structure or even the 786 retracement which comes right in line with the circled level of indecision structure.
Whatever happens, good luck in the markets and I hope you all have a good week trading.
This would signal a potential shorting opportunity. But how can we get involved?
Well moving down to the hourly time frame, price action has put in a double top, a break and close below structure then a retest of the 618 retracement completing a 2618 trade set up.
This presents a great shorting opportunity with good risk reward.
If price action is around the same level of Fridays close, the more conservative traders could look to shoot for targets at previous structure offering a 1:1 RR . Those more aggressive traders could shoot for extended targets down at the 618 retracement which lines up in the zone with previous structure or even the 786 retracement which comes right in line with the circled level of indecision structure.
Whatever happens, good luck in the markets and I hope you all have a good week trading.