Hey guys hope you are all doing well!
Here I have a beautiful set-up on EJ! Previously before the consolidation phase the market is trading in now, the market faked out of a very strong area of resistance(identified on 4H chart) before trembling back down creating HL and LL's. This shows me that the trend is now bearish and I am looking for sells.
As you can see price is currently in a tight range between 126.600-126.400 with the market bouncing off support(identified on the 30 min chart) and a major area of resistance(identified on the 4H chart).
In order for me to enter a sell position I would like to see the market break below support(30min TF) and ride the trend down to 126.050 which is also the previous low.
If the selling idea does not play out as I anticipate, and a breakout to the upside occurs to test the high of the fake out then I will look to enter buys in this scenario. As of right now EJ is 100% looking bearish.
I hope you guys agree with this set-up! Feel free to like this post if you agree, and be sure to comment any ideas or thoughts you have.
Happy Trading!
Here I have a beautiful set-up on EJ! Previously before the consolidation phase the market is trading in now, the market faked out of a very strong area of resistance(identified on 4H chart) before trembling back down creating HL and LL's. This shows me that the trend is now bearish and I am looking for sells.
As you can see price is currently in a tight range between 126.600-126.400 with the market bouncing off support(identified on the 30 min chart) and a major area of resistance(identified on the 4H chart).
In order for me to enter a sell position I would like to see the market break below support(30min TF) and ride the trend down to 126.050 which is also the previous low.
If the selling idea does not play out as I anticipate, and a breakout to the upside occurs to test the high of the fake out then I will look to enter buys in this scenario. As of right now EJ is 100% looking bearish.
I hope you guys agree with this set-up! Feel free to like this post if you agree, and be sure to comment any ideas or thoughts you have.
Happy Trading!