This was a mark up was on
9/30/19 - 10/3/19
I didn’t take any trades. I was simply practicing my analysis and see where i was heading with this.
4hr and the daily showed a confluence of the 61.8 and the 38.2 matching and where price continued to fail to the and make its way to the downside. With the overall view of the daily showing two pushes to the downside and the 4hr showing the same showed me that there could be a possibility for price to head and the same direction.
With the daily showing a complete down trend and also doing my analysis on the daily and the 4hr. It made me believe that there will be a bearish trend continue to happen on the 1hr.
the candles of the bulls where weakening while the bears where continuing to dominant them.
It broke the HL sequence while it made new LL.
With price at (.68012) Where the pull back is just 10.2 pips shy away from the fib 38.2 it still qualify in my rules for a pull back which gave us a continuation of the bearish trend and for price to keep going at the direction of the market. plus it hit a resistance level with the 38 as well.
Looking forward Also with the resistance level and support level you can see a small Consolidation within a range. I was looking for the resistance level to be tested by price and to break out of Structure . If price come to test that level and respects it we would see the push continue within the box, breaking the previous low which at (.66875) which was at support and break the trend line and retest it and fail down to the downside before turning over to the opposite direction which is bullish. So allowing the price to finish box 2 projection before tuning over.
I use news as a references, i don't trade with the news. But the FED cuts and the employment rate cuts in Australia also had a impact on the market as well for it to continue it in a bearish market.
9/30/19 - 10/3/19
I didn’t take any trades. I was simply practicing my analysis and see where i was heading with this.
4hr and the daily showed a confluence of the 61.8 and the 38.2 matching and where price continued to fail to the and make its way to the downside. With the overall view of the daily showing two pushes to the downside and the 4hr showing the same showed me that there could be a possibility for price to head and the same direction.
With the daily showing a complete down trend and also doing my analysis on the daily and the 4hr. It made me believe that there will be a bearish trend continue to happen on the 1hr.
the candles of the bulls where weakening while the bears where continuing to dominant them.
It broke the HL sequence while it made new LL.
With price at (.68012) Where the pull back is just 10.2 pips shy away from the fib 38.2 it still qualify in my rules for a pull back which gave us a continuation of the bearish trend and for price to keep going at the direction of the market. plus it hit a resistance level with the 38 as well.
Looking forward Also with the resistance level and support level you can see a small Consolidation within a range. I was looking for the resistance level to be tested by price and to break out of Structure . If price come to test that level and respects it we would see the push continue within the box, breaking the previous low which at (.66875) which was at support and break the trend line and retest it and fail down to the downside before turning over to the opposite direction which is bullish. So allowing the price to finish box 2 projection before tuning over.
I use news as a references, i don't trade with the news. But the FED cuts and the employment rate cuts in Australia also had a impact on the market as well for it to continue it in a bearish market.
Comment:
Price came down 90 pips, Breaking the previous low, and started to turn over.