As always, let's begin with the Daily Timeframe. Here is it:
Here you can see the market in a clear Downtrend. It is additionally moving in a descending Parallel Channel. The Trendline-Extension are overbought and oversold areas.
So, we're only looking for Selltrades. Let's move on to the lower H4-timeframe:
What do we see here? A descending Triangle which consists of a descending Trendline and a strong Support. And consider the number of the touches too. It is showing the strength of the Triangle.
Here is the idea:
The H4-Timeframe
The H1-Timeframe:
The idea is simply the Break of the Support with the SL above the Trendline and the TP at the 161.8% of the Fibonacci Trendline Extension. We recommend to trade the Breakout with a Retest, to avoid False Breakouts.
Thanks and successful Trading :)!
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Here is the RED BOX, in case you want to see it :)