This pair was strongly bearish recently, but 2 weeks ago it started consolidating. The consolidation is rather tight, all the moves up or down have been contained within 1 bearish candle (the H4 candle of 19 May). My bias continues to be bearish, mainly for 2 reasons:
the preceding trend was bearish and
price is below the 200dma.
This trade can be taken in a few different ways, such as:
at the top of the consolidation range (if price rises again).
at the bottom of the range close to the breakout.
after the breakout, upon a retest of the bottom of the range.
You should choose the way forward that lies within your trading mindset, fits in your trading plan and comfort level with risk. Either way this could be a good or even an excellent R/R opportunity, but you have to be prepared for a loss as well. We don’t have a setup yet, so be patient.
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Always use sound money and risk management in all your trades.
the preceding trend was bearish and
price is below the 200dma.
This trade can be taken in a few different ways, such as:
at the top of the consolidation range (if price rises again).
at the bottom of the range close to the breakout.
after the breakout, upon a retest of the bottom of the range.
You should choose the way forward that lies within your trading mindset, fits in your trading plan and comfort level with risk. Either way this could be a good or even an excellent R/R opportunity, but you have to be prepared for a loss as well. We don’t have a setup yet, so be patient.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
Trade active
I missed entering this trade (should have placed a pending order). But I think that I will get another chance to enter next week.
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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.