The higher-timeframe picture resembles the following:
• Sellers on the weekly timeframe are seen pushing deeper within weekly demand at 1.34760-1.36314.
• The daily timeframe shows price is trading just above the upper base of daily demand at 1.34760-1.35265.
Current price action on the 4hr timeframe shows the sellers have pushed price deeper into the 4hr demand area below at 1.35018-1.35375, as reported would likely happen in the last analysis.
A small bullish reaction has been seen around the 1.35240 area. This reaction will likely not see many new highs; the most we can likely expect out of it if it does happen is the 4hr decision-point area at 1.35714-1.35609. A break below the aforementioned 4hr demand area will make things very interesting. Below this level a 4hr demand area is seen at 1.34760-1.34943; do be careful with this area though, as a tail formed on 06.02.2014 has likely consumed most of the important demand around this area already. A more favorable fresh 4hr demand area is seen even lower at 1.33984-1.34404 which will likely produce a nice reaction when, or indeed, if price reaches this far.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• The P.A confirmation buy order (Red line) set just above demand (1.35018-1.35375) at 1.35417 has now been cancelled, price dropped too far from the entry level making this trade invalid now.
• Pending sell orders (Green line) are seen just below the decision-point supply area (1.36632-1.36485) at 1.36416. The reasoning behind placing a pending sell order here is due to the simple fact we have seen buyers consumed at multiple lows and demand areas below, thus making it a low-risk high-probability trade.
• New pending sell orders (Green line) area seen just below the 4hr decision-point area (1.35714-1.35609) at 1.35596. The reason a pending sell order was allocated here is because this is where pro money (on this timeframe) possibly made the decision to sell price into the 4hr demand below at 1.35018-1.35375.
• P.A confirmation sell orders (Red line) are seen just below supply (1.37224-1.37028) at 1.36894. A P.A.C order was selected here due to the reaction seen at the aforementioned supply area proving its validity. However, pro money may well decide to push price higher into this supply area if/when price returns to it, thus making it a risky trade for a stop above the high 1.36995 which could be very easily be stopped out if a pending sell order was set, hence the need to wait for confirmation.
• 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: 1.36416 (SL: 1.36584 TP: Dependent on price action approach) 1.35596 (SL: 1.35768 TP: Dependent on price approach). P.A.C: 1.36894 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Sellers on the weekly timeframe are seen pushing deeper within weekly demand at 1.34760-1.36314.
• The daily timeframe shows price is trading just above the upper base of daily demand at 1.34760-1.35265.
Current price action on the 4hr timeframe shows the sellers have pushed price deeper into the 4hr demand area below at 1.35018-1.35375, as reported would likely happen in the last analysis.
A small bullish reaction has been seen around the 1.35240 area. This reaction will likely not see many new highs; the most we can likely expect out of it if it does happen is the 4hr decision-point area at 1.35714-1.35609. A break below the aforementioned 4hr demand area will make things very interesting. Below this level a 4hr demand area is seen at 1.34760-1.34943; do be careful with this area though, as a tail formed on 06.02.2014 has likely consumed most of the important demand around this area already. A more favorable fresh 4hr demand area is seen even lower at 1.33984-1.34404 which will likely produce a nice reaction when, or indeed, if price reaches this far.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• The P.A confirmation buy order (Red line) set just above demand (1.35018-1.35375) at 1.35417 has now been cancelled, price dropped too far from the entry level making this trade invalid now.
• Pending sell orders (Green line) are seen just below the decision-point supply area (1.36632-1.36485) at 1.36416. The reasoning behind placing a pending sell order here is due to the simple fact we have seen buyers consumed at multiple lows and demand areas below, thus making it a low-risk high-probability trade.
• New pending sell orders (Green line) area seen just below the 4hr decision-point area (1.35714-1.35609) at 1.35596. The reason a pending sell order was allocated here is because this is where pro money (on this timeframe) possibly made the decision to sell price into the 4hr demand below at 1.35018-1.35375.
• P.A confirmation sell orders (Red line) are seen just below supply (1.37224-1.37028) at 1.36894. A P.A.C order was selected here due to the reaction seen at the aforementioned supply area proving its validity. However, pro money may well decide to push price higher into this supply area if/when price returns to it, thus making it a risky trade for a stop above the high 1.36995 which could be very easily be stopped out if a pending sell order was set, hence the need to wait for confirmation.
• 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: 1.36416 (SL: 1.36584 TP: Dependent on price action approach) 1.35596 (SL: 1.35768 TP: Dependent on price approach). P.A.C: 1.36894 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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