All 4 Lines placed show major structure levels which hold extremely high integrity seen within many instances in the near past.
These various instances have been displayed through the orange boxes highlighting candlesticks which have retracted to resistance
Or bounced of support points, we are looking for history to repeat itself within this short position .
After a fairly harsh bearish move within this 1 hr chart there has been a bullish retraction that is heading towards what is going to be a major resistance level, therefore we are wanting to get into a short trade
To give this structure level more integrity, the .5 and .618 Fib levels lie exactly between the two structures which give us more indication that there is going to be a reversal
The highlighted red box is the area in which we want to enter the trade as it is supported by structure and fib
We have set our targets at the best structure point which price level will be attracted to at the green support line
These various instances have been displayed through the orange boxes highlighting candlesticks which have retracted to resistance
Or bounced of support points, we are looking for history to repeat itself within this short position .
After a fairly harsh bearish move within this 1 hr chart there has been a bullish retraction that is heading towards what is going to be a major resistance level, therefore we are wanting to get into a short trade
To give this structure level more integrity, the .5 and .618 Fib levels lie exactly between the two structures which give us more indication that there is going to be a reversal
The highlighted red box is the area in which we want to enter the trade as it is supported by structure and fib
We have set our targets at the best structure point which price level will be attracted to at the green support line