4hr TF.
The higher-timeframe picture resembles the following:
• The weekly chart shows the sellers are pushing ever so nearer to weekly demand at 0.76931-0.78623. Once/if price reaches this area; expect some heavy buying to be seen!
• A small bullish reaction was seen within daily demand at 0.78862-0.79206 but was relatively short lived as the sellers began showing interest. Price remains capped between the aforementioned daily demand area and a minor daily S/R flip level at 0.79751.
A bullish reaction may indeed be seen from the 4hr demand area at 0.78862-0.79048; however it is very unlikely it will be anything to get excited about. The weekly chart is currently showing sellers in control as they appear to be heading for weekly demand (for levels see above), and with the daily chart showing serious buying weakness from daily demand (levels above) leaving us with very little confidence in the the aforementioned 4hr demand area.
Price is, at the time of writing reacting to the round number 0.79000; do not get your hopes us though as this level and the 4hr demand area (levels above) is likely to break lower. A positive close below this area will likely force price to test 4hr demand below at 0.78602-0.78320.
If a bullish reaction does indeed happen around the current 4hr demand area (levels above), it will only likely reach the minor 4hr decision- point area above at 0.79277-0.79170 before a sell off commences.
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above demand (0.78862-0.79048) at 0.79076 was closed at breakeven, with a small profit locked in, the reason for closing was there was very little bullish price action being seen making this a risky trade to keep open.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• Pending sell orders (Green line) are seen just below a supply area (0.79795-0.79684) at 0.79651. The reason for a pending sell order being set here, rather than a P.A confirmation sell order was because this area looks very hot for a first-time reaction. Notice how price faked above the S/R flip level at 0.79679 then dropped back down, there is very likely unfilled sell orders still lurking around this area, hence the need for a pending sell order.
• New pending sell orders (Green line) are seen just below a decision-point area (0.79277-0.79170) at 0.79143. The reasoning behind a pending sell order being set here is that price may react out of the 4hr demand area at 0.78862-0.79048 thus pushing price towards the decision point area (levels above) and likely filling our sell order in the process. Essentially, we expect a break lower of the aforementioned 4hr demand area, but keep in mind pro money may need liquidity (buy orders to sell into) to break an area such as this.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy orders are seen in the current market environment.
• Areas to watch for sell orders: P.O: 0.79651 (SL: 0.79828 TP: Dependent on price approach) 0.79143 (SL: 0.79313 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
The higher-timeframe picture resembles the following:
• The weekly chart shows the sellers are pushing ever so nearer to weekly demand at 0.76931-0.78623. Once/if price reaches this area; expect some heavy buying to be seen!
• A small bullish reaction was seen within daily demand at 0.78862-0.79206 but was relatively short lived as the sellers began showing interest. Price remains capped between the aforementioned daily demand area and a minor daily S/R flip level at 0.79751.
A bullish reaction may indeed be seen from the 4hr demand area at 0.78862-0.79048; however it is very unlikely it will be anything to get excited about. The weekly chart is currently showing sellers in control as they appear to be heading for weekly demand (for levels see above), and with the daily chart showing serious buying weakness from daily demand (levels above) leaving us with very little confidence in the the aforementioned 4hr demand area.
Price is, at the time of writing reacting to the round number 0.79000; do not get your hopes us though as this level and the 4hr demand area (levels above) is likely to break lower. A positive close below this area will likely force price to test 4hr demand below at 0.78602-0.78320.
If a bullish reaction does indeed happen around the current 4hr demand area (levels above), it will only likely reach the minor 4hr decision- point area above at 0.79277-0.79170 before a sell off commences.
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above demand (0.78862-0.79048) at 0.79076 was closed at breakeven, with a small profit locked in, the reason for closing was there was very little bullish price action being seen making this a risky trade to keep open.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• Pending sell orders (Green line) are seen just below a supply area (0.79795-0.79684) at 0.79651. The reason for a pending sell order being set here, rather than a P.A confirmation sell order was because this area looks very hot for a first-time reaction. Notice how price faked above the S/R flip level at 0.79679 then dropped back down, there is very likely unfilled sell orders still lurking around this area, hence the need for a pending sell order.
• New pending sell orders (Green line) are seen just below a decision-point area (0.79277-0.79170) at 0.79143. The reasoning behind a pending sell order being set here is that price may react out of the 4hr demand area at 0.78862-0.79048 thus pushing price towards the decision point area (levels above) and likely filling our sell order in the process. Essentially, we expect a break lower of the aforementioned 4hr demand area, but keep in mind pro money may need liquidity (buy orders to sell into) to break an area such as this.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy orders are seen in the current market environment.
• Areas to watch for sell orders: P.O: 0.79651 (SL: 0.79828 TP: Dependent on price approach) 0.79143 (SL: 0.79313 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
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