ETH SHORT SETUP FROM RETRACEMENT
Day's Bias: Bearish
Plot:
Previously a strong drop from a rising wedge pattern made a strong bearish impulse move leaving huge amount of gaps along the way.
Price recently shows bullish momentum on the lower TF signals the retracement within 50 to 61.8% to take out some of the gaps.
Price momentarily consolidates exactly at the retracement area.
Price created liquidity pools and has been taken out.
Today Asian Range has the highest probability of no longer being revisited to continue another bearish impulse move.
After price revisits 50% of the Asian Range multiple times, then creating a displacement leaving small gaps to be revisited before it continues towards the expected direction.
Plot:
Previously a strong drop from a rising wedge pattern made a strong bearish impulse move leaving huge amount of gaps along the way.
Price recently shows bullish momentum on the lower TF signals the retracement within 50 to 61.8% to take out some of the gaps.
Price momentarily consolidates exactly at the retracement area.
Price created liquidity pools and has been taken out.
Today Asian Range has the highest probability of no longer being revisited to continue another bearish impulse move.
After price revisits 50% of the Asian Range multiple times, then creating a displacement leaving small gaps to be revisited before it continues towards the expected direction.