This is a setup that that look promising::
This setup base on 4 technical analysis.
1. A double top is form on the chart on 4H candle stick, as well as a long wick pin-bar on 8H both are re-traced back under " 1.7155 "
2. This price location and the formation of double top match the "ascending channel".
3. This price action also confluent-ed by Fibonacci extension at ( 1.71755 ) which is match to the rejection of the price from a few previous candle stick on 8H
4. and "USDOLLAR Index" also have a "bullish engulfing" on its 8H chart. which indicate that USD is gaining more power recently.
Hence, This could form a very high probability of shorting where a combination of Fibonacci, resistance level at 1.71755 , USDOLLAR index in the rising and a double top formation.
Thus, The trade should be executed using this setup.
Entry SHORT @ 1.7150 - 1.7155
SL: @ 1.7180 (~ -30pip) (slightly above candle stick rejection of Fibonacci level)
TP: @ 1.7050 (~ 100pip)
May the seller's force be with you.
This setup base on 4 technical analysis.
1. A double top is form on the chart on 4H candle stick, as well as a long wick pin-bar on 8H both are re-traced back under " 1.7155 "
2. This price location and the formation of double top match the "ascending channel".
3. This price action also confluent-ed by Fibonacci extension at ( 1.71755 ) which is match to the rejection of the price from a few previous candle stick on 8H
4. and "USDOLLAR Index" also have a "bullish engulfing" on its 8H chart. which indicate that USD is gaining more power recently.
Hence, This could form a very high probability of shorting where a combination of Fibonacci, resistance level at 1.71755 , USDOLLAR index in the rising and a double top formation.
Thus, The trade should be executed using this setup.
Entry SHORT @ 1.7150 - 1.7155
SL: @ 1.7180 (~ -30pip) (slightly above candle stick rejection of Fibonacci level)
TP: @ 1.7050 (~ 100pip)
May the seller's force be with you.
