Looking at the 4h chart we may see price in an uptrend making HH and HL. It's now retracing and most likely will test a slide parallel of a median line where previously we had price action (red arrows). If price reaches the trendline we should start watching for a buy setup to complete and go long.
Remember that a level in a chart is only something to watch closely for a setup to complete. Our strategy defines if we should enter a market or not. So use your own strategy and follow its rules.!
I went short as my ab=cd indicator confirmed it on the hourly chart but what tipped my hand was the cat. 4 hurricane coming in. However, I took the trade before reading your commentary. Thank you for your observations.
Fxprotrader
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Ok thanks for sharing..! In this post i didn't say that this will be a definately be a buy. I will watch for price action at that level. Till now price has reached the parallel and it looks like it's been rejected. Let's see what happens..! Good luck :)
KlavsJirgens
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It is sell for me!
Fxprotrader
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Can you post your idea?
KlavsJirgens
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KlavsJirgens
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It is risky to trade sideways market. I usually look for small positions and close TP. It's no trade for me, but in my book - sell.