Hi Traders!
The market is in a downtrend.
Let's begin the mtfa with the weekly Chart.
Here is it:
As you can see there is a descending parallel channel.
The price is also respecting two major Support and Resistance Level.
This was the most important things for the weekly.
Let's move on to the Daily Chart:
Here we can recognize a repetitive pattern.
The market makes a down movement, then it makes a correction.
Then it moves down again and again a correction.
Do you think the market will fall even further?
However, we now know in which direction we want to trade:
We want to sell.
Moving on to the H4-Timeframe:
Here we can see a mirror level.
This is an explanation for the Newbies:
It's a Level which was Support or Resistance in the past and than it became a Resistance or Support after crossing the other side.
In this example we can see that the mirror Level just broked down.
Last but not least, here is the H1:
This is the way you can enter.
We see the H4-Breakout zoomed in.
Now we're waiting for a Pullback towards the orange Box.
Mostly, the price wants to Retest the Break to validate it.
The Stop Loss is above the last high.
And the TP is at a conservative Level.
We recommend to trade the Pullback in combination with a strong candlestick pattern,
so you can be sure that the Pullback is over.
Thanks and successful Trading :)!
코멘트:
Here is the RED BOX in the case someone needs it ;)