Weekly Timeframe: An average bullish pin-bar candle was formed last week on this timeframe; does this mean we could be seeing higher prices this week? It is very difficult to tell on this timeframe, since the tail appears to be floating in midair. Nonetheless, we cannot ignore the fact that this candle formed 58 pips or so from a valid ’weekly buy’ zone at 1.26591-1.28010.
Daily Timeframe: The aforementioned weekly pin-bar candle seems to have been formed from prices reacting off of a daily demand area at 1.27541-1.28676, which is conveniently located just above the ‘weekly buy’ zone seen at 1.26591-1.28010. On this timeframe, there is clearly room to move higher, with very little supply being seen overhead until around the daily decision-point area at 1.31589-1.31091 giving the weekly pin-bar candle some validity.
4hr Timeframe: Looking back, we have a weekly pin-bar that has formed (just above a valid ’weekly buy’ zone at 1.26591-1.28010) from a reaction off of a nice-looking daily demand area at 1.27541-1.28676. Taking all of this into account, we are naturally expecting higher prices to be seen.
The 4hr timeframe is showing bullish price action at the moment, which is fortunate for us, since we still have an active long position in the market taken just above a 4hr supply flip area (1.28970-1.28590) at 1.28936. With the sellers appearing well and truly consumed (red circle) around a minor 4hr decision-point level at 1.29580, the path north is likely clear up to at least the huge psychological number 1.3 (first take-profit level set just below at 1.29839. If a break above and retest of the 1.3 level is seen, this would likely imply prices are free to hit the next area of interest, which so happens to be also a round number at 1.31. The pink area in between these round-number levels resembles a price action void, essentially showing an area where price is free to move for the time being, in this case, an area free of supply on the 4hr timeframe.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 1.28936 (Active) (Stop loss: 1.28437 Take profit level(s): 1.29839 ). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: 1.29950 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
Daily Timeframe: The aforementioned weekly pin-bar candle seems to have been formed from prices reacting off of a daily demand area at 1.27541-1.28676, which is conveniently located just above the ‘weekly buy’ zone seen at 1.26591-1.28010. On this timeframe, there is clearly room to move higher, with very little supply being seen overhead until around the daily decision-point area at 1.31589-1.31091 giving the weekly pin-bar candle some validity.
4hr Timeframe: Looking back, we have a weekly pin-bar that has formed (just above a valid ’weekly buy’ zone at 1.26591-1.28010) from a reaction off of a nice-looking daily demand area at 1.27541-1.28676. Taking all of this into account, we are naturally expecting higher prices to be seen.
The 4hr timeframe is showing bullish price action at the moment, which is fortunate for us, since we still have an active long position in the market taken just above a 4hr supply flip area (1.28970-1.28590) at 1.28936. With the sellers appearing well and truly consumed (red circle) around a minor 4hr decision-point level at 1.29580, the path north is likely clear up to at least the huge psychological number 1.3 (first take-profit level set just below at 1.29839. If a break above and retest of the 1.3 level is seen, this would likely imply prices are free to hit the next area of interest, which so happens to be also a round number at 1.31. The pink area in between these round-number levels resembles a price action void, essentially showing an area where price is free to move for the time being, in this case, an area free of supply on the 4hr timeframe.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 1.28936 (Active) (Stop loss: 1.28437 Take profit level(s): 1.29839 ). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: 1.29950 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
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