Story : We can see Bearish divergence on 1H time frame, which seems to be diluted followed by the consolidation region. however, if we look for the Bullish continuation signals we have Dow theory (HH and HLs) and bullish rectangular pattern which most likely shows upside control of Bulls. However, we also expect the market to break the rectangular pattern and thus we can see the bears in control.
Anticipate: we wait until market indicates a clear breakout either bearish of bullish with good engulfing candle.
Plan : we place a sell stop and Buy stop simultaneously on a chart with the R:R of 1:1 and 1:2. on whichever side market moves, we close the other trade accordingly.
however my 1st preference is bearish i.e breakout of rectangular pattern downside.
Anticipate: we wait until market indicates a clear breakout either bearish of bullish with good engulfing candle.
Plan : we place a sell stop and Buy stop simultaneously on a chart with the R:R of 1:1 and 1:2. on whichever side market moves, we close the other trade accordingly.
however my 1st preference is bearish i.e breakout of rectangular pattern downside.
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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.