So after doing some day trading this week I realized again it's not the trading style for me. My strategy is to trade End Of Day and seeing the Daily candle close then if there are no daily candlestick patterns as long as price is at a Daily resistance or support level then I'll go through the lower time frames (no lower than 1 hour) to find a setup but only after the Daily candle has closed or until a Daily support or resistance level has been reached. It's a lot more peaceful than scalping the lower time frames and seeing price go all over the place.
So this setup here on CADCHF we see that the Daily candle closed as an indecision Doji candle at resistance. Here is where I am seeing that buyers were unable to break through so my bias is that sellers will now come in and take price back down. Now price could still break through because nothing is guaranteed but looking at the indecision candle on the daily and the rejection bearish candles on the lower time frames I am more confident price will come down. Even if it doesn't the R:R is really good so it's worth the risk.
I am shorting this pair at current resistance and targeting previous Daily support.
So this setup here on CADCHF we see that the Daily candle closed as an indecision Doji candle at resistance. Here is where I am seeing that buyers were unable to break through so my bias is that sellers will now come in and take price back down. Now price could still break through because nothing is guaranteed but looking at the indecision candle on the daily and the rejection bearish candles on the lower time frames I am more confident price will come down. Even if it doesn't the R:R is really good so it's worth the risk.
I am shorting this pair at current resistance and targeting previous Daily support.