Hi Traders!
The market is in a Downtrend.
As always, let's begin with the Daily Timeframe.
Here is it:
Here you can see the market in a clear Downtrend.
It is additionally moving in a descending Parallel Channel.
The Trendline-Extension are overbought and oversold areas.
So, we're only looking for Selltrades.
Let's move on to the lower H4-timeframe:
What do we see here?
A descending Triangle which consists of a descending Trendline and a strong Support.
And consider the number of the touches too.
It is showing the strength of the Triangle.
Here is the idea:
The idea is simply the Break of the Support with the SL above the Trendline and the TP at the 161.8% of the Fibonacci Trendline Extension.
We recommend to trade the Breakout with a Retest, to avoid False Breakouts.
Thanks and successful Trading :)!
The market is in a Downtrend.
As always, let's begin with the Daily Timeframe.
Here is it:
Here you can see the market in a clear Downtrend.
It is additionally moving in a descending Parallel Channel.
The Trendline-Extension are overbought and oversold areas.
So, we're only looking for Selltrades.
Let's move on to the lower H4-timeframe:
What do we see here?
A descending Triangle which consists of a descending Trendline and a strong Support.
And consider the number of the touches too.
It is showing the strength of the Triangle.
Here is the idea:
- The H4-Timeframe
- The H1-Timeframe:
The idea is simply the Break of the Support with the SL above the Trendline and the TP at the 161.8% of the Fibonacci Trendline Extension.
We recommend to trade the Breakout with a Retest, to avoid False Breakouts.
Thanks and successful Trading :)!
Note
Here is the RED BOX, in case you want to see it :)
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.
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.