Here is the Framework for this buy opportunity:
Weekly:
-we remain bearish on this time frame
-we recently came out of an 11-week crunch/consolidation zone, breaking to the downside of it
-currently, we have a bullish push on the pair, closing last week's candle as a bullish piercing
-I reckon this momentum to be liquidity-led and we shall collapse once the hunt for fuel on the upside is over
Daily:
-we are bearish, playing out a Head and Shoulder pattern that's dictating my overall bias on the pair.
-current price action, as intimated, is liquidity-focused as shared
-I reckon we shall pick out orders off the order level at 0.67098, thereabouts, before we tank
H4:
-we broke structure to the upside with the most recent upswing on Thursday, June 1st
-current bullish swing indicates that the market is, at the moment, bull-dominated
-as is customary with a strong bull market, a 23.6% or 38.2% setup is most likely to ensue for a continuation
-as such, I portend that we shall tap back into the previous consolidation floor around 0.65650: where we shall find support and where the current upswing had a momentary pause before finding
a pool of orders to push to the upside (say, demand level) and form the most current high.
-this level of demand, former support level for the consolidation that had been running for 11 weeks, and a 38.2% fib retracement level for the strong upswing offers a strong confluence level to
stage a continuation from
-considering that we are back within the previous zone of consolidation for the pair, I am reserved in my expectations for a strong bullish continuation and shall take it one step at a time
Midrange/H1:
-currently, this time frame mirrors the H4 swing.
-as such, the fib retracement and key levels are the same
-I intend to take on a buy at the key H4 level (my expected support price), which sits around the current demand level and at the 38.2% fib retracement level
-I will target the 0% extension, better yet the wick level at 0.66285 where price picked orders in favor of a retracement on Friday's close
This is a potential 60 pips; not bad for a start if we end up with the aligned setup.
May the week be favorable to you!
NOTE: this is just my opinion on how the market shall play out and should not be taken as financial advice. Kindly rely upon your own analysis and understanding of the market when making trade decisions.
Weekly:
-we remain bearish on this time frame
-we recently came out of an 11-week crunch/consolidation zone, breaking to the downside of it
-currently, we have a bullish push on the pair, closing last week's candle as a bullish piercing
-I reckon this momentum to be liquidity-led and we shall collapse once the hunt for fuel on the upside is over
Daily:
-we are bearish, playing out a Head and Shoulder pattern that's dictating my overall bias on the pair.
-current price action, as intimated, is liquidity-focused as shared
-I reckon we shall pick out orders off the order level at 0.67098, thereabouts, before we tank
H4:
-we broke structure to the upside with the most recent upswing on Thursday, June 1st
-current bullish swing indicates that the market is, at the moment, bull-dominated
-as is customary with a strong bull market, a 23.6% or 38.2% setup is most likely to ensue for a continuation
-as such, I portend that we shall tap back into the previous consolidation floor around 0.65650: where we shall find support and where the current upswing had a momentary pause before finding
a pool of orders to push to the upside (say, demand level) and form the most current high.
-this level of demand, former support level for the consolidation that had been running for 11 weeks, and a 38.2% fib retracement level for the strong upswing offers a strong confluence level to
stage a continuation from
-considering that we are back within the previous zone of consolidation for the pair, I am reserved in my expectations for a strong bullish continuation and shall take it one step at a time
Midrange/H1:
-currently, this time frame mirrors the H4 swing.
-as such, the fib retracement and key levels are the same
-I intend to take on a buy at the key H4 level (my expected support price), which sits around the current demand level and at the 38.2% fib retracement level
-I will target the 0% extension, better yet the wick level at 0.66285 where price picked orders in favor of a retracement on Friday's close
This is a potential 60 pips; not bad for a start if we end up with the aligned setup.
May the week be favorable to you!
NOTE: this is just my opinion on how the market shall play out and should not be taken as financial advice. Kindly rely upon your own analysis and understanding of the market when making trade decisions.