DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Alright so there has been structure in this pair and lets see how we can profit off this.
Weekly:
We clearly see there is an uptrend on this pair, making higher lows since August 31st of 2015. The last being July 12th of this year. But with resistance forming around the 1.03208 area. So we have higher lows but no higher highs.
Daily:
On the daily we can form better support and resistance areas. There was a smaller bearish trendline that started from the bounce off the mayor resistance area 1.03288. Also resistance area around 0.99578 as seen below:
Resistance was broken on 4th of July to come and hit that bullish trendline and establishing that higher low. But price was unable to break resistance around 1.00309 that did not break for 3 days.
4hr:
The 4hr chart to me seems bearish. It could be that the price will not come up and hit that mayor resistance point but instead will come back to test that bullish trendline we drew on the weekly chart, and could possibly break out. So lets be patient and see how this plays out.
Alright so there has been structure in this pair and lets see how we can profit off this.
Weekly:
Daily:
4hr:
