Strong Move coming in from the sellers on the 60m Time frame. from the pullback it seems buyers are weak.
Possible Reactions from buyers.
1. Buyers pulls back into the 50% retracement starts to range showing that buyers cannot take prices higher. A short position can be considered.
2. Buyers Steps up breaks it convincingly and holds above that price. If that happens, i will wait for a pull back that shows that the sellers are no longer around and take a long to the recent high on the 60m timeframe.
3. Sellers Goes south breaking the range without pull backs. Standby and wait for pull back
Possible Reactions from buyers.
1. Buyers pulls back into the 50% retracement starts to range showing that buyers cannot take prices higher. A short position can be considered.
2. Buyers Steps up breaks it convincingly and holds above that price. If that happens, i will wait for a pull back that shows that the sellers are no longer around and take a long to the recent high on the 60m timeframe.
3. Sellers Goes south breaking the range without pull backs. Standby and wait for pull back
Comment:
Price is currently at the 50% retracment Still on standby waiting for signs of sellers before entering the trade as the pull back from the buyers is strong.
Comment:
2. Buyers breached. Gauging momentum to see if buyers is real or probe.
On standby
On standby
Trade active:
Shorted. Price could not hold above
Comment:
Buyers probed the breech and got smacked back down. Scenario 1 is playing out.
Sellers should be able to take it to TP 1
Sellers should be able to take it to TP 1
Comment:
Shifted Stoploss to 0. stoploss currently at 1.14178.
Comment:
TP 1 done. Looking to add positions if a weak pull backs comes in.
Trade closed: target reached