📉 Overview from Weekly Time Frame
CADMXN has broken a key weekly support level and formed a solid bearish candle. The pair also rejected and closed below the 50EMA, confirming sellers are in control on the higher timeframe.
📉 Daily Chart Explanation
The downtrend is well-established on the daily chart, with price consistently trading below both the 14EMA and 50EMA for several weeks. Momentum remains strong to the downside.
📉 4H Chart Explanation
On the 4H chart, a clean bearish structure is in place. Price continues forming lower highs and lower lows. The most recent swing low area offers a logical target zone for continuation trades, especially if price pulls back into a 4H supply area or EMA zone before continuing downward.
📌 Plan
Bias: Bearish
Entry: Look for price to pull back into 4H supply or near EMA zone (14/50EMA) and reject
Targets:
TP1: Recent 4H swing low area
TP2: Next untested 4H demand zone
Invalidation: Break and close above recent 4H structure high (above supply zone)
CADMXN has broken a key weekly support level and formed a solid bearish candle. The pair also rejected and closed below the 50EMA, confirming sellers are in control on the higher timeframe.
📉 Daily Chart Explanation
The downtrend is well-established on the daily chart, with price consistently trading below both the 14EMA and 50EMA for several weeks. Momentum remains strong to the downside.
📉 4H Chart Explanation
On the 4H chart, a clean bearish structure is in place. Price continues forming lower highs and lower lows. The most recent swing low area offers a logical target zone for continuation trades, especially if price pulls back into a 4H supply area or EMA zone before continuing downward.
📌 Plan
Bias: Bearish
Entry: Look for price to pull back into 4H supply or near EMA zone (14/50EMA) and reject
Targets:
TP1: Recent 4H swing low area
TP2: Next untested 4H demand zone
Invalidation: Break and close above recent 4H structure high (above supply zone)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.