-On the four hour we have been testing that upper trend line for some time now and price simply aint breaking it -Also we are putting in Lower Highs A sign of change of trend and a reversal -We also have broken our Wedge to the downside which confirms bearish momentum -We have also Held at the 0.618 Fib levels numerous times from the highs high on the up move Therefore i believe the 4 hour timeframe is bearish
Daily -On the daily we are clearly in a long term down trend -There alot of wicks to the upside shows more selling pressure -This pull up can be seen as a small correction -After todays candle which is shaping up to close as a bearish engulfing if so A bearish reversal sign -Also price closes bearish it would have engulfed almost 4 days worth of price action -Fridays candle was a doji so this signifies indecision so price putting in a Bearish engulfing gives us the signal that we are going Bears again -We also trading at a key level of 1.45000 that has stalled price and show RES Therefore i believe the Daily is bearish
Weekly -Firstly last weeks candle was a doji on our key level of 1.45000 -Yes i no we are only 2 Days into the week (Tuesday) But if this week carries on being bearish we could be looking at a long term selling setup But we will wait for that to happen -We are clearly down trending on the weekly The trend is your friend ;) -So the bullish movement we've had over the past two weeks could be a simple correction before another move down and create another Leg down -Also we are near all time lows so perhaps we are going to test that again before anymore bullish movement (LongTerm) Therefore i am bearish on the weekly too
My Entry : 1.44350
3 Timeframes all bearish :) Only 1-3% of account proper risk management Trade safe
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May close early due to Major news For GBP so may close 10 minutes before depending on how the trade looks :)