Have located a potential bear flag on the 4 hourly, although daily momentum is heading down with LLs and LHs.
Waiting to see if the daily EQ can hold. If we break out of this bear flag to have a shot at the next supply zone.
If daily EQ cannot hold and we break below then i am looking at following trend down to the next demand zone.
Either way i will need a break and retest with bullish or bearish momentum depending on which way we break to confirm my entry for either scenario.
Stop loss will be set above / below previous market structure once we get an entry.
I will have a total of 2 Take Profits for both trades, one roughly in the middle with my final at supply or demand.
Trade should take approx a day or 2 to confirm an entry.
I am expecting 4-6 days for trade to play out so around a week in total from time of writing.
Chart by Phil Roberts.
Waiting to see if the daily EQ can hold. If we break out of this bear flag to have a shot at the next supply zone.
If daily EQ cannot hold and we break below then i am looking at following trend down to the next demand zone.
Either way i will need a break and retest with bullish or bearish momentum depending on which way we break to confirm my entry for either scenario.
Stop loss will be set above / below previous market structure once we get an entry.
I will have a total of 2 Take Profits for both trades, one roughly in the middle with my final at supply or demand.
Trade should take approx a day or 2 to confirm an entry.
I am expecting 4-6 days for trade to play out so around a week in total from time of writing.
Chart by Phil Roberts.