Use this as an idea to develop your own setup.
Main Items we see on the 4HS chart:
-The main Ascending Trendline has been Broken
-A new Bearish Structure has been formed (Major Descending Channel (dash-dot lines)
-We can see a Head and Shoulder Pattern formed using the previous broken ascending trendline as guide
-Currently, we can see a small consolidation structure ( yellow lines) finding resistance on the Neckline + inner descending channel of the bearish movement.
-We think that the breakout of that structure will be the final confirmation of the bearish movement towards the next support zone at 7700
-If you are planning on taking short setups on this scenario, you can find an interesting Risk Reward Ratio from the breakout to the support level, and you have good spots above the neckline and the descending trendline to define your stop
Daily Vision:
Main Items we see on the 4HS chart:
-The main Ascending Trendline has been Broken
-A new Bearish Structure has been formed (Major Descending Channel (dash-dot lines)
-We can see a Head and Shoulder Pattern formed using the previous broken ascending trendline as guide
-Currently, we can see a small consolidation structure ( yellow lines) finding resistance on the Neckline + inner descending channel of the bearish movement.
-We think that the breakout of that structure will be the final confirmation of the bearish movement towards the next support zone at 7700
-If you are planning on taking short setups on this scenario, you can find an interesting Risk Reward Ratio from the breakout to the support level, and you have good spots above the neckline and the descending trendline to define your stop
Daily Vision:
