I. Analysis
1. Price in a strong downtrend as 20MA shows - bias is to look for shorting opportunities
2. Price had been forming a descending triangle prior breakout
3. Price retraced and is now in the previous support/current resitance. This is a value zone - look/wait for an entry trigger
4. A bearish engulfing has just been formed. Candle is small so a break of structurre at the 2 hr timeframe improves the odds of success
To sum up, we are trading with the trend, from a value zone and with a an entry trigger already formed or waiting for further confirmation.
II. Trade
1. Entry at the break f structure at the 2h timeframe
2. Sl 1 ATR above 22nd May high
3. Take profit next swing low
Plsd to hear yr comments
Cheers
Ruben
1. Price in a strong downtrend as 20MA shows - bias is to look for shorting opportunities
2. Price had been forming a descending triangle prior breakout
3. Price retraced and is now in the previous support/current resitance. This is a value zone - look/wait for an entry trigger
4. A bearish engulfing has just been formed. Candle is small so a break of structurre at the 2 hr timeframe improves the odds of success
To sum up, we are trading with the trend, from a value zone and with a an entry trigger already formed or waiting for further confirmation.
II. Trade
1. Entry at the break f structure at the 2h timeframe
2. Sl 1 ATR above 22nd May high
3. Take profit next swing low
Plsd to hear yr comments
Cheers
Ruben