Utilizing DOW theory to spot the trend and find out the best possible entry with candle stick patterns and support and resistances with Fib levels.
Looking at the 4h timeframe, instrument is not making more higher highs (HH=1.14909), confirmation of the downtrend from series of LH,LL. Also there is a confirmation of bearish trend from bearish candle pattern(3 black crows) and failing to break the trendline resistance. Hence a possible short position is there with stop loss a little above resistance previous LH.
Risk 2%
Reward/Risk : 2
Buy zone : 1.09850-1.09150
STOP Loss :1.10455
TP1: 1.079
Tp2 : 1.06630
Looking at the 4h timeframe, instrument is not making more higher highs (HH=1.14909), confirmation of the downtrend from series of LH,LL. Also there is a confirmation of bearish trend from bearish candle pattern(3 black crows) and failing to break the trendline resistance. Hence a possible short position is there with stop loss a little above resistance previous LH.
Risk 2%
Reward/Risk : 2
Buy zone : 1.09850-1.09150
STOP Loss :1.10455
TP1: 1.079
Tp2 : 1.06630