The weekly close is imminent and it looks like a strong engulfish bearish candle. General bearish market structure therefore I favour short ideas in order to trade with the macro trend.
On the 1H, I have identified what looks like a bearish orderblock which is also confluent with higher time frame level. My idea is simply to short from the current level down to the monthly level indicated, with a stop loss at the bearish orderblock I have identified. I could increase my R:R if I set the stop at the local swing high instead but want to give more room for the trade to play out.
On the 1H, I have identified what looks like a bearish orderblock which is also confluent with higher time frame level. My idea is simply to short from the current level down to the monthly level indicated, with a stop loss at the bearish orderblock I have identified. I could increase my R:R if I set the stop at the local swing high instead but want to give more room for the trade to play out.
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