The graph is messy but to clarify the confluences what we see is:
Price is clearly moving down, it's also respecting the trend line creating structure lows
the reason why price doesn't need to respect the structure low/dynamic resistance is because the trend line in itself is some form of resistance for price action.
what i'm seeing is a clear break and retest downwards there isn't an oppurtunity until price AT LEAST touches the new structure low at 70.390, or at least taps the trend line (which in itself is considered a break and retest)
For an entry i'd need to see a clear retest, with wick rejection and confluences such as price stepping down on the lower time frames.
WHEN THE TREND IS GOING DOWN AND IS NOT SHOWING SIGNS OF GOING UP DO NOT BUY. THE TREND IS YOUR FRIEND.
If price rejects at this point back into the trend line my entry would be near the mentioned above with a stop loss of 15-18 pips depending on where price decides to tap, and i'd be aiming for a 3:1 with a 56 pip tp. <-- if it comes back full to the trend line then i'm taking a 3:1 with a 21 pip sl and a 65 pip tp
It is nearing a daily support zone of 69.838 which is why i'm looking to move myself to break even after 30 pips in profit.
Price is clearly moving down, it's also respecting the trend line creating structure lows
the reason why price doesn't need to respect the structure low/dynamic resistance is because the trend line in itself is some form of resistance for price action.
what i'm seeing is a clear break and retest downwards there isn't an oppurtunity until price AT LEAST touches the new structure low at 70.390, or at least taps the trend line (which in itself is considered a break and retest)
For an entry i'd need to see a clear retest, with wick rejection and confluences such as price stepping down on the lower time frames.
WHEN THE TREND IS GOING DOWN AND IS NOT SHOWING SIGNS OF GOING UP DO NOT BUY. THE TREND IS YOUR FRIEND.
If price rejects at this point back into the trend line my entry would be near the mentioned above with a stop loss of 15-18 pips depending on where price decides to tap, and i'd be aiming for a 3:1 with a 56 pip tp. <-- if it comes back full to the trend line then i'm taking a 3:1 with a 21 pip sl and a 65 pip tp
It is nearing a daily support zone of 69.838 which is why i'm looking to move myself to break even after 30 pips in profit.