This is a trade setup based on timeframe agreement and price action.
Looking at the relationship across the timeframes, these are some of the things to take notice of:
====DAILY CHART====
The daily chart shows good evidence of bearishness: there are lower lows and lower high; and the price was recently overbought, interacting with the upper linear regression channel.
====LOWER TIMEFRAMES====
The lower timeframes agree with what we are seeing on the daily chart, producing lower lows and lower highs.
====STOPLOSS PLACEMENT====
A conservative level for stoploss would be above the previous lower high on the daily.
====PROFIT TAKING====
A 1:1 reward-to-risk appears achievable, although the daily does indicate scope for the price to move beyond that.
Looking at the relationship across the timeframes, these are some of the things to take notice of:
====DAILY CHART====
The daily chart shows good evidence of bearishness: there are lower lows and lower high; and the price was recently overbought, interacting with the upper linear regression channel.
====LOWER TIMEFRAMES====
The lower timeframes agree with what we are seeing on the daily chart, producing lower lows and lower highs.
====STOPLOSS PLACEMENT====
A conservative level for stoploss would be above the previous lower high on the daily.
====PROFIT TAKING====
A 1:1 reward-to-risk appears achievable, although the daily does indicate scope for the price to move beyond that.
