Hello guys.
We recently saw a fake-out above the descending channel, which trapped early buyers and confirmed that sellers are still in control. Despite the QML formation in the highlighted zone, the bearish pressure remains dominant.
As long as the price trades below the fake-out high, the overall trend continues to point downward. My immediate downside targets are:
If sellers manage to hold momentum, we could see a continuation deeper into the channel.
⚠️ Keep in mind that a clean break above the fake-out level would invalidate this bearish outlook.
We recently saw a fake-out above the descending channel, which trapped early buyers and confirmed that sellers are still in control. Despite the QML formation in the highlighted zone, the bearish pressure remains dominant.
As long as the price trades below the fake-out high, the overall trend continues to point downward. My immediate downside targets are:
- 3323 (first key level)
- 3314 (secondary target, potential liquidity grab zone)
If sellers manage to hold momentum, we could see a continuation deeper into the channel.
⚠️ Keep in mind that a clean break above the fake-out level would invalidate this bearish outlook.
Note
Both sides, buyers and sellers, have their own power; we may see a consolidation here, too!
Trade active
The trade is activated and so close to the first target
Trade closed: target reached
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
Forex telegram channel: t.me/melikatrader94GoldForex
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Telegram channel: t.me/melikatrader94
Forex telegram channel: t.me/melikatrader94GoldForex
Forex telegram channel: t.me/melikatrader94GoldForex
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.