as said before in my previous idea I said that we could be forming a double top pattern in the weekly timeframe, I am still going with this bearish bias. In the weekly tf we can see how price is rejecting nicely for the second time at around 1.22000 meaning that we could expect for price to start falling in our lower timeframes.
as for the daily tf I've drawn a trendline connecting the weekly wick rejections because there's allot of liquidity laying around these zones and we can see how price is starting to fall after the second touch of the trendline.
dropping to our 4hr tf we can clearly see how we're trending down making a series of lower lows and lower highs, as for our 4hr structure we can spot a strong bearish push breaking our major low, you're welcome to lay your fib from the point of the bearish push to the last low. for me I will wait for our expected pullback to come around my 61.8 and 50 fib level followed by bearish/rejections confirmation and then enter in the lower timeframes such as 1hr ,15m etc for our next bearish push.
Remember, as long as price is staying below our major high we're still in for shorts.
This is not financial advice, trade at your own risk
as for the daily tf I've drawn a trendline connecting the weekly wick rejections because there's allot of liquidity laying around these zones and we can see how price is starting to fall after the second touch of the trendline.
dropping to our 4hr tf we can clearly see how we're trending down making a series of lower lows and lower highs, as for our 4hr structure we can spot a strong bearish push breaking our major low, you're welcome to lay your fib from the point of the bearish push to the last low. for me I will wait for our expected pullback to come around my 61.8 and 50 fib level followed by bearish/rejections confirmation and then enter in the lower timeframes such as 1hr ,15m etc for our next bearish push.
Remember, as long as price is staying below our major high we're still in for shorts.
This is not financial advice, trade at your own risk