Look for Price Action for a potential down move

On the 1H chart we already can see smaller signs of rejection, BUT when comparing the current move with the last two legs in this triangle, there are still no signs in 4H TF, which I'd like to see before shorting this pair.

The first target area is shown on the chart. Once met, keep an eye on Price action as there might be even a breakdown.

Note: This is not a call to short this pair now. If the upper trendline gets broken, this idea will be invalidated.

ความคิดเห็น:

This idea has been posted for a potential SHORT, not as shown above for a long.

ความคิดเห็น:

Price seems to be heading down, but as my entry criteria haven't been met, I'll wait for further confirmation. This could be either another leg to the upside with a strong indication on the Daily and 4H in form of a powerful candlestick pattern and a divergence OR the completion of the first leg to the downside, followed by a pullback and rejection at a key level which can be then shorted.
Once my criteria have been met and I'm in, I'll post an update.