Top down analysis:
D1 (Higher timeframe - trend direction):
Looking for a clear trend and support & resistance
H4:
Looking for countertrends
H1: (trading timeframe)
Looking for dobbel top patton for confirmation
D1 (Higher timeframe - trend direction):
Looking for a clear trend and support & resistance
- Lower low - lower high on D1 (clear downtrend)
- Resistance level på D1 has been respected
H4:
Looking for countertrends
- Nice long pull back (countertrend) on the H4
- Price is closer to the upper trendline (lots of headroom for the price to continue down)
- H4 Trendline has now been broken and price has retraced back to a D1 resistance
H1: (trading timeframe)
Looking for dobbel top patton for confirmation
- H1 candle closes past the last H1 fractal
- Price returns and closes near the H4 50% Fibonacci level
- Dobbel top
- Bearish candle (selling pressure)