Looking at shorting UNI-PERP down to the 38 or 50 fib retracement on the daily which would still indicate a new bullish run.
This is a riskier trade as it's technically counter trend trading, but i like the setup for the below reasons:
It has hit a level of resistance/supply zone on the daily and is rejecting. looking like about to form an evening star on the daily (please note candle hasnt closed yet so not confirmed)
On the 4hr it has hit this resistance level, looks like it's rejecting and has printed out divergence.
On the 1hr you can see the impulses up have been getting shorter (yellow lines), is now divergent, rejecting and has printed a bearish engulfing candle which is my last checklist item to enter.
Will monitor closely when it reaches the mini trend line coming up, but i believe a retracement to at least the 38 fibs is healthy and will give me a good R:R of approx 4.5x
Daily
1hr impulses
4hr divergence
This is a riskier trade as it's technically counter trend trading, but i like the setup for the below reasons:
It has hit a level of resistance/supply zone on the daily and is rejecting. looking like about to form an evening star on the daily (please note candle hasnt closed yet so not confirmed)
On the 4hr it has hit this resistance level, looks like it's rejecting and has printed out divergence.
On the 1hr you can see the impulses up have been getting shorter (yellow lines), is now divergent, rejecting and has printed a bearish engulfing candle which is my last checklist item to enter.
Will monitor closely when it reaches the mini trend line coming up, but i believe a retracement to at least the 38 fibs is healthy and will give me a good R:R of approx 4.5x
Daily
1hr impulses
4hr divergence