Would just like to outline the potential pattern that is playing out GJ here, looks really nice obviously dependant on news etc but could be seeing a W formation playing out on the 4hr candles which would mean a huge move incoming for the pair.
couple of things I want to mention, the first being we basically hit all of my downside targets. that I mentioned last week (yellow lines beside price) narrowly missing the last one but they are just zones I am not expecting to be exact to the penny. we basically made an equal low seeing a nice volume bounce back to the upside.
there is liquidity above that needs to be taken, many orders in these big red candles, the first test is seeing a break above this yellow line here and continuing upwards, price probably will cool off on the lower timeframes but I see a long pop today possibly unto my grey resistance line which also happens to be the neckline here.
some things to keep in mind here, we are forming bearish market structure here so lower lows and lower highs, we have seen price slowly dropping but not without recovery periods so either way I am looking for a test of the first leg down (my green price box) just look for a good entry or scalp the full way up instead of swinging this.
lets see what happens obviously GJ is a mental pair so anything could happen but thats what I see so time will tell!
couple of things I want to mention, the first being we basically hit all of my downside targets. that I mentioned last week (yellow lines beside price) narrowly missing the last one but they are just zones I am not expecting to be exact to the penny. we basically made an equal low seeing a nice volume bounce back to the upside.
there is liquidity above that needs to be taken, many orders in these big red candles, the first test is seeing a break above this yellow line here and continuing upwards, price probably will cool off on the lower timeframes but I see a long pop today possibly unto my grey resistance line which also happens to be the neckline here.
some things to keep in mind here, we are forming bearish market structure here so lower lows and lower highs, we have seen price slowly dropping but not without recovery periods so either way I am looking for a test of the first leg down (my green price box) just look for a good entry or scalp the full way up instead of swinging this.
lets see what happens obviously GJ is a mental pair so anything could happen but thats what I see so time will tell!
