I will only be interested to trade when it reaches channel extremes or when completes.
Currently, there are not patterns.
If you look back just a few days ago, we have a classic no supply at top of channel.
What is no demand?
Price did a breakout with extremely low , this indicated not many buyers are interested in this move up. (no demand = no buyers )
After struggling for 8 hours, price dropped on a big red bar with high . This indicates sellers have come in.
In instances like this, we should wait for any pullback to top of channel before initiating any shorts.
The direction should be and I will only look for reasons to join the sellers.
I will not chase the lows and get myself stucked in a bad situation.
Will keep you guys posted next week.
Price has retraced to top of H4 channel.
This can be a nice channel play to the downside.
Watch this potential bat pattern completion on EURUSD around 1.0840.
Could be a stop hunt move upwards before dropping. Be patient.