Hi Traders!
The market is in an overall Downtrend.
Let's begin our Multiple Timeframe Analysis with the weekly Timeframe.
Then we'll continue with the daily, H4 and hourly Timeframe.
Here is the weekly TF:
As you can see the market is in a Downtrend.
In addition, it recently broke out of an important Support Level.
Furhtermore, during the Breakout, the market is also in a Falling Wedge.
At this moment the price is doing several things at once:
- Retesting the Break of Support (Support turns Resistance)
- Price at upper Trendline of falling Wedge
- Price at resisting 50 Exponential Moving Average
Let's continue with the daily TF:
Here you can see the same situation as at the weekly Timeframe, but is is more detailed.
For example, we see, that the EMA is now underneath the Price.
But it also means, that in case of a bearish Breakout, the EMA will again above the price.
That'll push the price lower.
Moving on to the H4 TF:
In this chart we can identify a descending Triangle Pattern.
This pattern is a Trend Continuation and also a Trend Reversing Pattern.
In this case, we are going to trade the shortterm Trend Reversal.
The Support at 102.900 can be used as a conservative Profit Target.
Lastly, the Entry H1-Timeframe:
The Entry Trigger is the bearish Breakout of the Triangle.
We're looking for putting the SLs above the recent Highs.
The Risk-to-Reward is 1 to 1.8.
We recommend to trade the Retest of the Breakout.
Thanks and successful Trading :)!
The market is in an overall Downtrend.
Let's begin our Multiple Timeframe Analysis with the weekly Timeframe.
Then we'll continue with the daily, H4 and hourly Timeframe.
Here is the weekly TF:
As you can see the market is in a Downtrend.
In addition, it recently broke out of an important Support Level.
Furhtermore, during the Breakout, the market is also in a Falling Wedge.
At this moment the price is doing several things at once:
- Retesting the Break of Support (Support turns Resistance)
- Price at upper Trendline of falling Wedge
- Price at resisting 50 Exponential Moving Average
Let's continue with the daily TF:
Here you can see the same situation as at the weekly Timeframe, but is is more detailed.
For example, we see, that the EMA is now underneath the Price.
But it also means, that in case of a bearish Breakout, the EMA will again above the price.
That'll push the price lower.
Moving on to the H4 TF:
In this chart we can identify a descending Triangle Pattern.
This pattern is a Trend Continuation and also a Trend Reversing Pattern.
In this case, we are going to trade the shortterm Trend Reversal.
The Support at 102.900 can be used as a conservative Profit Target.
Lastly, the Entry H1-Timeframe:
The Entry Trigger is the bearish Breakout of the Triangle.
We're looking for putting the SLs above the recent Highs.
The Risk-to-Reward is 1 to 1.8.
We recommend to trade the Retest of the Breakout.
Thanks and successful Trading :)!