Hi there
I haven't done a setup like this in a long time; it's a classic SND approach. The price may experience an upward pulse, but if it rejects the QML level, it could turn strongly bearish, at least in theory. If it surpasses the QML level to establish a higher high, then the setup will be considered invalid.
The 18.20000 level is of significant importance, as it's thought to possess enticing yet relatively low liquidity, which could exert downward pressure on the price.
The theory of this setup revolves around the idea that when two lows touch the same area but break a previous high, it can trigger a low that pushes the price lower. The challenge lies in identifying this specific low.
For me, it seems like the bias could be around the 17.80000 mark. Best followed with strength indicators.
Wishing you a wonderful week, bye
K.
I haven't done a setup like this in a long time; it's a classic SND approach. The price may experience an upward pulse, but if it rejects the QML level, it could turn strongly bearish, at least in theory. If it surpasses the QML level to establish a higher high, then the setup will be considered invalid.
The 18.20000 level is of significant importance, as it's thought to possess enticing yet relatively low liquidity, which could exert downward pressure on the price.
The theory of this setup revolves around the idea that when two lows touch the same area but break a previous high, it can trigger a low that pushes the price lower. The challenge lies in identifying this specific low.
For me, it seems like the bias could be around the 17.80000 mark. Best followed with strength indicators.
Wishing you a wonderful week, bye
K.
Trade closed: stop reached
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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.