This pair is finding support. It also made a bullish engulfing at 14 gmt and that is a very good reversal time because its between London and NY when the market is most volatile.
The market has reached a trend line on the 4 hour time frame. Price also went up to fridays high and couldn't break it and it made a bearish engulfing on the 30 minute chart.
this to me is a very powerful set up because its a multisession double bottom that has taken 2 days to form. the market has been dropping very aggressively and hasnt made any corrections. it has reached a support zone on the daily and it closed with a bullish pin bar on the 1 hour respecting the support zone perfectly.
This market is in an overall mayor uptrend. It made a retracement back to previous support and also made a triple bottom for trend contiuantion. It broke the neck line of the triple bottom which confirms the pattern and it just made its first small retracement from the triple bottom and left 2 pin bars.
Price rejected over 90 pips from 0.87500 which is good evidence of resistance. it has gone back up to the resistance zone and it made a bearish engulfing and a bearish pin right after.
this looks like a good set up because the market has rejected from 0.87500 about 95 pips making it a resistance. Now that it has gone back to that same price zone it made a bearish engulfing which tells me sellers are very interested in that price zone. It is a counter trend trade so I'm only taking it for a 1:1 risk reward ratio or to structure depending on how...
Market is making lower lows and lower highs which means downtrend. Previous support became resistance. It left a bearish engulfing at a supply and demand zone or support and resistance zone. Looks like a good 1:1 risk to reward.
Well since the market is making lower highs and lower lows to me that makes it a clear downtrend. Its at a resistance zone that it previously rejected 150 pips from and to top it off it made a bearish engulfing pattern right at the resistance.
