shows where we have tested the 61.8 fib level based on the recent impulse. This is an indication that the market may have completed its correction.
The 4Hr shows price in a , but there was also a strong rejection of the 4Hr support too, then finally to tie all our analysis together, price action on the 1Hr timeframe provides a breakout of market , now acting as support, with provides enough confluence to start looking for buying opportunities.
My overall bias is LONG and to see price action hitting 0.9300. I will however be monitoring the price action between on the 41Hr timeframe for added confirmation based on one of my trading strategies.
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.