- On the weekly we see that the trend has broken and retested. The last HH was on a resistance zone. My level where I am looking for on the Weekly TF is 0.85575. This is on an 0.618 fib level. On the Daily we see that the price made a lower low, and is currently testing at the previous low + 0.618 fib level.
On the 1H TF we see a clear rejection.
- How to enter this trade? - We can place a sell stop below the last 1H candle around 0.87593, and place our stoploss at 0.8792. Personally I give the price more space and place my SL at 0.8826
- Is our take profit at 0..8575? - NO. We place our TP at the next daily Key level which is 0.86000.
On the 1H TF we see a clear rejection.
- How to enter this trade? - We can place a sell stop below the last 1H candle around 0.87593, and place our stoploss at 0.8792. Personally I give the price more space and place my SL at 0.8826
- Is our take profit at 0..8575? - NO. We place our TP at the next daily Key level which is 0.86000.