DAILY:
1. prev. daily candle hit 71% fib level and closed below the 61.8% key level (rejection)
2. prev. daily candle closed below the daily descending trendline (green).
points 1 + 2 above, indicate a possible short trade setup (pair currently running in a downtrend = Shorts >>> longs)
4H:
- yesterday there was a bearish engulfing candle stick = further downside confirmation (pink sphere)
- waiting for retest + entry of the 61.8% fib level (zone)
Entry:
- waiting for retest of trendline + 61.8% fib level for further downside mvnt.
- watching oil and CHFJPY for correlation which will further indicate whether setup is viable or not.
- watch fundamentals releases for the day
invalid set up if:
- 4h candle close inside zone (above 61.8% fib level)
- no clear indication of retest on daily time frame
1. prev. daily candle hit 71% fib level and closed below the 61.8% key level (rejection)
2. prev. daily candle closed below the daily descending trendline (green).
points 1 + 2 above, indicate a possible short trade setup (pair currently running in a downtrend = Shorts >>> longs)
4H:
- yesterday there was a bearish engulfing candle stick = further downside confirmation (pink sphere)
- waiting for retest + entry of the 61.8% fib level (zone)
Entry:
- waiting for retest of trendline + 61.8% fib level for further downside mvnt.
- watching oil and CHFJPY for correlation which will further indicate whether setup is viable or not.
- watch fundamentals releases for the day
invalid set up if:
- 4h candle close inside zone (above 61.8% fib level)
- no clear indication of retest on daily time frame