OVERALL TREND: BULLISH ON THE DAILY, AND REVERSING FROM A KEY RESISTANCE LEVEL ON THE WEEKLY.
On the 4H TF we see a breakout of a bearish trend channel followed by a ranging new high, a lower low, and approaching key zone 1. Two ways it can go from there, it can break into higher highs, or retest into key zone 2, at which there is a potential to proceed towards the bearish trend continuation.
There is also a possibility to retrace back up to zone 3, where price could break new highs, signaling a trend reversal.
Depending on how price reacts, we follow accordingly.
I hope this is helpful. For more analysis of potential setups like this, send me a message and I'll get you in my FREE Telegram group :)
On the 4H TF we see a breakout of a bearish trend channel followed by a ranging new high, a lower low, and approaching key zone 1. Two ways it can go from there, it can break into higher highs, or retest into key zone 2, at which there is a potential to proceed towards the bearish trend continuation.
There is also a possibility to retrace back up to zone 3, where price could break new highs, signaling a trend reversal.
Depending on how price reacts, we follow accordingly.
I hope this is helpful. For more analysis of potential setups like this, send me a message and I'll get you in my FREE Telegram group :)
Comment:
Hit our Zone 2. waiting for a breakout situation or a retrace back to zone 3.
Comment:
Looks like a lot of buying pressure and a retrace to the upside for a bull run.
Comment:
Bullish engulfing candle on 1H TF. Could go long to retest trendline, or break out into zone 3.
We also see a falling wedge that can be broken for a bear trend continuation.
Time will tell.
Bullish engulfing candle on 1H TF. Could go long to retest trendline, or break out into zone 3.
We also see a falling wedge that can be broken for a bear trend continuation.
Time will tell.
Comment:
Wedge pattern forming nicely. Waiting for confirmations on 1H TF for entry positions.
We'll see what happens.
Wedge pattern forming nicely. Waiting for confirmations on 1H TF for entry positions.
We'll see what happens.
Comment:
Break out of wedge into higher highs. Took a long position after breakout. Potential to retest move up to resistance zone followed by a rejection, or a break out into higher highs.
Break out of wedge into higher highs. Took a long position after breakout. Potential to retest move up to resistance zone followed by a rejection, or a break out into higher highs.
Comment:
Fakeout and broke into lower lows.
At the 1H TF retesting our zone. if this candle closes and opens with a bear candle. we'll potentially look for a short position in an hour.
At the 1H TF retesting our zone. if this candle closes and opens with a bear candle. we'll potentially look for a short position in an hour.
Comment:
Just as predicted. Price broke through our Zone 2, retested, and made about a 15 pip descent. Great if you shorted this position from that pullback.