Strong Downtrend market is active on monthly with price action forming a , with price rejecting a key . Ideally we should be expecting this trend to continue.
Downtrend market structure also clear on the , with recent price action in a retracement move. With the price failing to break $81.60, we are likely to see the market revisit the lows of $75.00. Ideally we’d want to see price action back beneath the weekly market structure acting as support to current price action.
A steady uptrend is clear on the , however, we are seeing where the market broke down below daily support and hovering around the trendline support. based on this market structure and what was clear on the monthly and weekly, I would be anticipating price action to continue lower. Personally I would want to see the price breaking that with a well conditioned close to start looking for entries short.
My overall bias is still SHORT and to see price action hitting $75.00 I've labeled the areas based on what I will be anticipating.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, or Indices.
Market Structure: This is classified as any group of placed together with the use of Support, Resistance and . once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.