SETUP: Overextension + touch of POC consolidation | Daily chart
Price is now encounting resistance AT THIS VERY MOMENT and will likely start going down from here.
There is a big consolidation from late 2018 that price has not reacted to yet.
Easily 3.5RR potential.
You can see the RSI is converging very well from the 4h chart:
There is a big consolidation from late 2018 that price has not reacted to yet.
Easily 3.5RR potential.
You can see the RSI is converging very well from the 4h chart:
註釋
Clear downward RSI trendline on the 15min chart:註釋
It is looking good for a second entry (4.45RR):註釋
I found a nasty Fib spiral that could push price higher:註釋
I am hedging this position because there is too much indecisions right now, but I think the last consolidation was an accumulation and is now breaking up. In fact, here is a small 4.8RR scalp that I'm in right now on the 5min chart:
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