AUDJPY,
I have a pending order to short in M30 Timeframe.
In the Daily time frame I have a bullish divergence against the trade.
Howver in H4, price is reacting to a resistance.
So why not going to a lower the time frame and find a setup?. I found M30 timeframe showing a broadening formation at the resistance level offering a very good R:R. The stop loss is above this formation and the target could be anywhere as long as the bearishness resumes.
I place the order slightly below the anticipated breakout.
I have a pending order to short in M30 Timeframe.
In the Daily time frame I have a bullish divergence against the trade.
Howver in H4, price is reacting to a resistance.
So why not going to a lower the time frame and find a setup?. I found M30 timeframe showing a broadening formation at the resistance level offering a very good R:R. The stop loss is above this formation and the target could be anywhere as long as the bearishness resumes.
I place the order slightly below the anticipated breakout.