We are looking for a swing trade so I will utilize the weekly and 4 hour timeframes to make my decisions. On the weekly timeframe we look for three things in particular which are our key levels, patterns and candlestick analysis. On the 4 hour timeframe we focus on using most of our technicals which is including fibonacci, support and resistance , supply and demand zones, market structure, candlestick analysis etc.
On the weekly timeframe we can clearly se that price is in an uptrend but last week closed seeing a lot of rejection from the upside. Last weeks candle closed as a bearish engulfing candle telling me that more sells then buyers have stepped in at the current level.
On the H4 timeframe price is in a downtrend is now hitting a level of support at the 1.26300 area. I am looking for a break of this area to look for further short oppruntites or a break to the upside. I have mapped out the two scenarios that I am looking for.
On the weekly timeframe we can clearly se that price is in an uptrend but last week closed seeing a lot of rejection from the upside. Last weeks candle closed as a bearish engulfing candle telling me that more sells then buyers have stepped in at the current level.
On the H4 timeframe price is in a downtrend is now hitting a level of support at the 1.26300 area. I am looking for a break of this area to look for further short oppruntites or a break to the upside. I have mapped out the two scenarios that I am looking for.