4hr TF
The higher-timeframe picture resembles the following:
• Weekly TF: Price is still seen in a consolidation with the upper limits at 0.94600 and the lower around the 0.92046 area. The sellers have recently pushed price south, as a result price is now trading around the aforementioned lower limits, could we see a close below this week? Things would get interesting then, as this could likely force a push down to around the weekly support level at 0.89134.
• Daily TF: A beautiful to-the-pip reaction happened around daily demand at 0.92046-0.92354 with price now seen rallying higher. This is a very important area, one which if a positive daily close below is seen would effectively mean price has broken out of the weekly consolidation area as well (for levels, see above), and lower prices would then be expected down to at least the daily R/S flip level below at 0.91323.
We do love the simplicity of this pair! A spike above the high (0.92815) formed on the 8/8/14 at 0.92860 did indeed consume the sellers in and around this area, as price has rallied and closed above the round number 0.93 which is our second target from our current long position (0.92417).
We see very little that would stop price rallying and reaching our third and final take-profit level at 0.93728, other than the level marked with a green flag at 0.93529 which will be watched closely if price reaches this high. A close above the round number 0.93 was seen as already mentioned, we have now set a P.A confirmation buy order just above at 0.93021 attempting to play the retest bounce.
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above the 4hr decision-point level (0.92384) at 0.92417 is now active. Our second take-profit level has recently been hit at 0.93, so do keep an eye out for our third and final take-profit level set at 0.93728.
• New P.A confirmation buy orders (Red line) are seen just above the round number 0.93 at 0.93021. The reasoning behind placing this type of order is simply because price could spike south below this level before seeing a reaction, and not to mention there’s no logical (close) area to place our stop-loss order.
• No pending sell orders (Green line) are seen in the current environment.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 0.92417 (Active) (SL: 0.92228 TP: 0.92815 0.93 0.93728). P.A.C: No P.A confirmation buy orders seen in the current market environment.
• Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C: 0.93021 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
The higher-timeframe picture resembles the following:
• Weekly TF: Price is still seen in a consolidation with the upper limits at 0.94600 and the lower around the 0.92046 area. The sellers have recently pushed price south, as a result price is now trading around the aforementioned lower limits, could we see a close below this week? Things would get interesting then, as this could likely force a push down to around the weekly support level at 0.89134.
• Daily TF: A beautiful to-the-pip reaction happened around daily demand at 0.92046-0.92354 with price now seen rallying higher. This is a very important area, one which if a positive daily close below is seen would effectively mean price has broken out of the weekly consolidation area as well (for levels, see above), and lower prices would then be expected down to at least the daily R/S flip level below at 0.91323.
We do love the simplicity of this pair! A spike above the high (0.92815) formed on the 8/8/14 at 0.92860 did indeed consume the sellers in and around this area, as price has rallied and closed above the round number 0.93 which is our second target from our current long position (0.92417).
We see very little that would stop price rallying and reaching our third and final take-profit level at 0.93728, other than the level marked with a green flag at 0.93529 which will be watched closely if price reaches this high. A close above the round number 0.93 was seen as already mentioned, we have now set a P.A confirmation buy order just above at 0.93021 attempting to play the retest bounce.
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above the 4hr decision-point level (0.92384) at 0.92417 is now active. Our second take-profit level has recently been hit at 0.93, so do keep an eye out for our third and final take-profit level set at 0.93728.
• New P.A confirmation buy orders (Red line) are seen just above the round number 0.93 at 0.93021. The reasoning behind placing this type of order is simply because price could spike south below this level before seeing a reaction, and not to mention there’s no logical (close) area to place our stop-loss order.
• No pending sell orders (Green line) are seen in the current environment.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 0.92417 (Active) (SL: 0.92228 TP: 0.92815 0.93 0.93728). P.A.C: No P.A confirmation buy orders seen in the current market environment.
• Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C: 0.93021 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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