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Matic to fall to .69 cents. Brace yourselves!
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So first of all. You can't ignore that big head and shoulder. It's so beautiful. Broke the neckline then came back and retest the previous support which was strong enough to act as resistance confirmed by that big 4hr engulfing candle or you could say it's like a 3 line strike candlestick pattern it pretty much push down strongly clearing the lower timeframe low. I don't know how to share multiple charts here but if you go down to the 1hr timeframe that big engulfing candle is a 1 hr supply zone.
Yesterday I took a position just based on the 4hr candle with wide stop targeting .69 area. And today I went an added another position base the hour timeframe when price pull back to test the 1hr supply area. It was also in confluence with the 4hr fib 38.2 level. And confluence with 1hr fib 38.2 almost reaching the fib 61.8 level.
Target for the 1hr position is the low at 0.72 or a bit lower to fib -27 on 1hr tf....or depending on how aggressive price push down if the trade work out I might just hold for longer but the reward is big so profit taking is advise on the way down.
There are more confluences on the ltf but , not being able to show the chart here might confuse people. It's also worth mentioning that the previous day candle closed forming like an evening star candle stick pattern so that's an even stronger pattern confluence.
Also I don't use trendlines really but I just drew one to highlight that it can be used in this scenario to act as additional confluence
Yesterday I took a position just based on the 4hr candle with wide stop targeting .69 area. And today I went an added another position base the hour timeframe when price pull back to test the 1hr supply area. It was also in confluence with the 4hr fib 38.2 level. And confluence with 1hr fib 38.2 almost reaching the fib 61.8 level.
Target for the 1hr position is the low at 0.72 or a bit lower to fib -27 on 1hr tf....or depending on how aggressive price push down if the trade work out I might just hold for longer but the reward is big so profit taking is advise on the way down.
There are more confluences on the ltf but , not being able to show the chart here might confuse people. It's also worth mentioning that the previous day candle closed forming like an evening star candle stick pattern so that's an even stronger pattern confluence.
Also I don't use trendlines really but I just drew one to highlight that it can be used in this scenario to act as additional confluence
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