After a big impulse move to the down, price has been into a correction for a while, moving into a certain slope represented by the downsloping median line. Breaking above a smaller correction on its way up, price is heading towards the upper parallel of the pitchfork. In case it reaches it, start watching for a sell setup completion and aim for the median line, being into a trade while the next impulse will be forming.
Kommentar
⋅
On its way towards the upper parallel of the median line, where we will watch for a sell setup, we may get a short-term trade setup. Watch for a breakout above the corrective structure and buy the market with a tp the upper parallel of the pitchfork.
Kommentar
⋅
Price broke the correction and is heading to the upper parallel. Buying now it will give a 1:1 r/r setup. In case you want to get something more than this, just wait for a smaller flag to form in the 15min chart and buy the next breakout. Afterall this is a short term trade. What we want to catch is the next impulse to the down. But first we have to wait for price to reach the upper parallel.
Kommentar
⋅
The smaller flag is forming in the 15min chart. Buy the breakout with tp the upper parallel
Kommentar
⋅
Everything worked out as expected, and price has finally reached the upper parallel of the median line of the pitchfork. We now may start watching for a sell setup completion at the current level
Kommentar
⋅
Most likely this is the setup we should take in order to join the upcoming sell off. Sell the breakout below the flag: