Price is sitting at a Monthly high zone. Very very strong Supply & Demand zone as you see, acting as resistance. We did not break this level since February 2016. Also nice -68 Fib completion which means a lot on the Monthly. We are definitely interested in a Short set-up.
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DAILY
Still making HHs and HLs on the Daily chart. We are in an Ascending channel at the moment. We want to break out first before considering a Short set-up.
ALWAYS STAY NEUTRAL AND ANTICIPATE ON THE SITUATION.
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4H
I do expect a reversal pattern in the form of a Head & Shoulders on the 4H chart. We want to break the last Daily HL & ascending trend line first. Clear Supply and Demand zone at the region of interest. We want to approach our zone of interest with corrective nature. If it's approaching impulsive, we want 12H of deceleration. No deceleration = No trade for me.
Hey buddy, thanks for your analysis! You said that we should look for short setup. Where would you enter and where would you set your TP and SL? Thanks!
FXKjell
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@WorldclassFX, We want to break the uptrend first brother then i will decide where i go in.
UnknownUnicorn11814166
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@FXKjell, Thanks for clarifying! Best of luck and keep it up!