Multiple confluences for a short (in my opinion). What I see is, starting from the Weekly TF, 1.) Big bearish break of MAs from the week prior 2.) Break and close below Key level 1.7750 3.) New Lower Higher formed ( ? ) rejecting off major Key Level 1.8000
Daily TF ; 1.) Multiple touches of decending trendline 2.) Area between 61.8 - 78.6 % fib levels being respected
4HR TF ; 1.) Strong engulfing bearish candle 2.) Trendline rejection 3.) Counter Trendline broken/ retested & respected 4.) Main trendline retested / respected for 3rd time 5.) MAs acting as potential dynamic resistance 6.) Fibs TP levels line up beautifully with key levels
My reason for having 2 short positions up is because 1.) I was going to be extremely busy and didn't want to keep checking my phone/ laptop so I got into trade at first fairly early. (I understood the risk, doesnt worry me because I use good Risk Mngmt) 2.) saw the confluence that I explained on the 4hr TF that gave me confidence of analysis.
PLEASE DO NOT TAKE THIS ANALYSIS AS A SIGNAL! use your own analysis as well and use good risk management!
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