EUR/USD Pre day D1 assessment - please critique

Beginner Questions Candlesticks, Chart Patterns, and Price Action
1

The past couple of days I have done a post like this, but I allowed myself to do TA on H1 and H4 charts. Having reflected on feedback that it may be hard to trust TA on shorter than D1 charts, this morning I focussed my efforts on only the D1 chart. I must admit I ‘saw’ less, and I didn’t see a lot of strong evidence for what is unfolding - I hope you can spot what I missed and share it with me.

EUR/USD 9th July 2023 06:45 BST – Focussing on D1 only

Bear or Bull

D1 check :Bullish

H4 check :Continuation pattern

H1 check :Bullish

Moving Average(AMA 55)

D1 check : Trading below

H4 check : Trading above

H1 check : Trading above

Relative Strength Index(RSI 55)

D1 check : 50.07

H4 check: 51.49

H1 check:58.04

H1(RSI 14) check : 71.28

Support & Resistance(D1)
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Support and Resistance shows that yesterday broke the resistance line, signalling a bullish trend incoming.

Candlestick patterns

EUR/USD(D1)
image

Doji candles over past 5 days followed by major breakout

Pattern spotted on EUR/USD(D1) - Is this Bearish Engulfing?
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Pattern looks to be one day bullish, next day bearish, repeats itself 8 times on each day of large climbing. Why? Is this pattern to be respected? Suggests bullish downturn. Is this what we called Bearish Englufing?

EUR/USD(H1)
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Inverse hammer on previous hour, another developing now, suggesting bullish continuation, you can see the pullback developing here.

Conclusion:

Looks like continuation of bullish trend, due to breakthrough of resistance bar, but, given the pattern spotted over the past 8 large green candlesticks, I thnk this will reverse and become a bearish day.

Restricting myself to only doing TA on D1 charts has sped up the time taken, but it also ‘shows’ me less in total - Can anyone see anything I have missed on EUR/USD D1? I don’t see any wedge pattern here and I don’t waste time on TA on H4 and H1 timeframes. My biggest thought today is – will this pattern continue today – and turn the day into a bearish downturn after yesterdays unexpected strong climb.

Decided to go for bear
Take profit:1.07336
Stop loss:1.08032
Sell price:1.07755

Thoughts! What would you do here! (I will also see what happens in the next hour when the market opens.

2

Don’t you mean “Decided to go for bear”? With a sell price at 1.07755 and a lower TP at 1.07336 and a higher SL at 1.08032, this must be a short trade. And it looks like you would have been immediately in the money with a short.

3

That is right, I have adjusted my post to correct bull for bear!

It did indeed hit TP.

Can you critique my TA?

4

Thanks for the explanation of how you approach a trade opportunity. I like the intention which is to draw a trade on a given market out of each day’s price action and I’ve had this ambition myself, just never found a reliable way to put it into practice.

I rarely look at intra-day time-frames but your approach is a new twist on this. Most traders using multiple time-frames find the opportunity from D1 and then drill down to H1 or lower to get the entry pattern, meaning timing. But you seem to take the opposing view of the short time-frame TA - so why do it?