Sold: 1.08590
Take profit: 1.08345
Profit: $327.84
Analysis Using Top-Down Approach
Daily Timeframe
The market stucture on the daily timeframe is in an uptrend with higher high and higher low. Marked up the last high where liquidation happened.
Price has come down to the last high level. From here, price can either continue its way up, or a retracement will happen. Wait and see what the price will do next before entering for a trade.
Update
Price has broken structure and is pulling back, i.e. re-tracing or consolidating. Look to enter for a sell position.
4 Hours Timeframe
If the price breaks through the higher low, enter for a sell position as the price might be retracing before continuing in an uptrend. However, the price might be going up from here as it is at the last high (strong support zone) on the Daily timeframe.
Be patient and wait and see what the price is going to do.
Update
Go down to the smaller timeframe to enter for a sell.
1 Hour Timeframe
After confirming the price direction, go down to the smaller timeframe (15 mins timeframe) to enter for a buy/sell position.
Update
Go down to the smaller timeframe to enter for a sell.
5 Mins Timeframe
Once it breaks structure, enter for a sell.
Set alert at 1.08590 (triggered).
1 Min Timeframe
Price has formed a lower high and has broken structure, i.e. broke the last low at 1.08590. Entered for a sell immediately. Placed stop loss at 1.08644, which is 5.4 pts away.
Take profit at the next low, i.e. 1.08345.
