Multiple setups on this trade
1. Price action pin bar confirmation shows short term continuation of the downward trend, previous structure lower low has come in contact which is also 38.2% fib level.
2. longer term Head shoulder pattern is emerging which is also pointing downwards.
Trading plan
1. Trade at open
2. With stop loss to be set at 50% fib levels
3. 1st target as the previous structure low also a support from earlier consolidation
4. 2nd target to aim previous low which would confirm the emergence of the head and shoulder pattern.
Good luck! Stay disciplined, else the market will discipline you!
1. Price action pin bar confirmation shows short term continuation of the downward trend, previous structure lower low has come in contact which is also 38.2% fib level.
2. longer term Head shoulder pattern is emerging which is also pointing downwards.
Trading plan
1. Trade at open
2. With stop loss to be set at 50% fib levels
3. 1st target as the previous structure low also a support from earlier consolidation
4. 2nd target to aim previous low which would confirm the emergence of the head and shoulder pattern.
Good luck! Stay disciplined, else the market will discipline you!