Reasons for
On the 4 Hour
-We have been bearish since the trend line putting in nice big bearish candles
-We have broken our counter trend line
-We also have nice long wicks on the upside
-This shows me there is more selling pressure
On the daily
-Firstly this is a long term trade
-We can see price is down trending on the lower time frames Always go with the trend
-Price has come to our major trend line and bounced of as trend line is acting as Resistance
-Price put in a doji almost right on the trend line then a nice big bearish engulfing
-This clearly signifies to me there is alot of selling pressure at this level
-Also we have been putting in lower lows and lower highs (Clear down trend formation)
Price has always reacted from this trend line so i dont see why it wont again also following the trend this is a setup i like nice and high probability
So is it possible to put a new lower low ?
and make it all the way down too next key level off 125.00
My entry 131.045
On the 4 Hour
-We have been bearish since the trend line putting in nice big bearish candles
-We have broken our counter trend line
-We also have nice long wicks on the upside
-This shows me there is more selling pressure
On the daily
-Firstly this is a long term trade
-We can see price is down trending on the lower time frames Always go with the trend
-Price has come to our major trend line and bounced of as trend line is acting as Resistance
-Price put in a doji almost right on the trend line then a nice big bearish engulfing
-This clearly signifies to me there is alot of selling pressure at this level
-Also we have been putting in lower lows and lower highs (Clear down trend formation)
Price has always reacted from this trend line so i dont see why it wont again also following the trend this is a setup i like nice and high probability
So is it possible to put a new lower low ?
and make it all the way down too next key level off 125.00
My entry 131.045
