EUR/GBP - Daily Wedge - Daily Rejection Candle
Required Daily Process
Part 1 - The Overview
1) 1D/4H IT still bullish, but reversal signs are showing.
2) No local Daily support levels.
3) Wedge formation on 4H/1D supporting the thesis that this move up has been corrective in nature.
4) Monthly Sentiment - Bullish / Weekly Sentiment - Ranging & Indecision
Part 2 - The Day-2-Day
5) 15M/1H MS has been organized
6) Price rejection off of the wedge boundary back to previous day's Value Area (VA), which acted as Support prior to yesterday's rally.
7) Today's trending VA has turned into a swift rejection. Any rise here should be assumed to be corrective, as sellers are clearly present.
8) Next target area would be a retest of the Weekly Open. I would not expect the Weekly Open to be held tightly, as there was not significant volume that occurred around this price.
9) The optimal entry for me would be once we lose the Monthly/Weekly Open. It would provide confirmation of the bearish continuation.
Part 3 - Execution
10) Alerts set for break of Monthly Level and Weekly Open.
11) The story i see if Daily bearish continuation, with first target being the previous Resistance Daily Level.
12) Prepared to short all pullbacks once i receive confirmation of the trend change. A trade could be taken on the current short term rally, but I will have additional patience and wait for the key supports to be lost.
Part 1 - The Overview
1) 1D/4H IT still bullish, but reversal signs are showing.
2) No local Daily support levels.
3) Wedge formation on 4H/1D supporting the thesis that this move up has been corrective in nature.
4) Monthly Sentiment - Bullish / Weekly Sentiment - Ranging & Indecision
Part 2 - The Day-2-Day
5) 15M/1H MS has been organized
6) Price rejection off of the wedge boundary back to previous day's Value Area (VA), which acted as Support prior to yesterday's rally.
7) Today's trending VA has turned into a swift rejection. Any rise here should be assumed to be corrective, as sellers are clearly present.
8) Next target area would be a retest of the Weekly Open. I would not expect the Weekly Open to be held tightly, as there was not significant volume that occurred around this price.
9) The optimal entry for me would be once we lose the Monthly/Weekly Open. It would provide confirmation of the bearish continuation.
Part 3 - Execution
10) Alerts set for break of Monthly Level and Weekly Open.
11) The story i see if Daily bearish continuation, with first target being the previous Resistance Daily Level.
12) Prepared to short all pullbacks once i receive confirmation of the trend change. A trade could be taken on the current short term rally, but I will have additional patience and wait for the key supports to be lost.