Price Action reached a strong supply zone of 2020 hence a strong rejection potrayed by the daily candle. We expect some type consolidation followed by a southward move since we are in a down trend. Trade wisely by managing your risk, good trading day ahead.
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Price Action approaching first profit target
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First Profit Target reached,.. Still holding short positions for TP2
is there an upward move that would invalidate your analysis of a coming downturn?
eagle21
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@dgoldiner, anything can happen in the markets, from black swan events to abrupt decisions by institutions so only time will tell, however basing on technicals i would trade this setup over and over.
dgoldiner
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@eagle21, tx boss. i always like to pick people's brains about what if anything would make them think twice about their predictions. What makes you say categorically that we are "in a down trend"? Some guys believe otherwise...
eagle21
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@dgoldiner, Thanks for the kind gesture, if you look at past data in the daily chart, price action reached a strong resistance zone on April 6th 2020 between 19.1830 and 19.3428. The 19.1830 price was retested on the 24th of the same month followed by a down trend that lasted over a year till July 2021 when it eventually reversed. Now price broke that structure resistance zone and closed above it with a strong bullish engulfing candle on the 25th of May this year and a strong bearish run began shortly after causing price action to break and close below the strong resistance zone printing two new lower lows. Price currently retraced from the recent lower low and reached the 2020 resistance zone and got rejected perfectly fitting the bearish downtrend channel, we know this by the strong bearish rejection daily candle that closed yesterday in conjunction with other factors in my confluence toolbox. Thanks
dgoldiner
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@eagle21, looks like your view is panning out....heading down