Higher Timeframe (right chart):
- Price reacting off of weekly/monthly demand so I want to look for buying opportunities with confirmation.
-Trend = down so any longs will be counter-trend and trade management/take profits will be adjusted.
-Price reacting off of the bottom of the downward channel range so price is in a potential area for longs.
Lower Timeframe (left chart):
-Price showed confirmation of buyers taking control by breaking downward trend lines.
-Price removed opposing daily supply zones.
-Quality drop base rally demand zone was created based on the strength of the buyers.
-TP was at 2.5:1
News: Over the last 2 days EUR/GBP rates came out which raised interest rates from 0.25-0.5% and USD unemployment numbers came out.
- Price reacting off of weekly/monthly demand so I want to look for buying opportunities with confirmation.
-Trend = down so any longs will be counter-trend and trade management/take profits will be adjusted.
-Price reacting off of the bottom of the downward channel range so price is in a potential area for longs.
Lower Timeframe (left chart):
-Price showed confirmation of buyers taking control by breaking downward trend lines.
-Price removed opposing daily supply zones.
-Quality drop base rally demand zone was created based on the strength of the buyers.
-TP was at 2.5:1
News: Over the last 2 days EUR/GBP rates came out which raised interest rates from 0.25-0.5% and USD unemployment numbers came out.