We are looking for a swing trade so I will utilize the weekly and 4 hour timeframes to make my decisions. On the weekly timeframe we look for three things in particular which are our key levels, patterns and candlestick analysis. On the 4 hour timeframe we focus on using most of our technicals which is including fibonacci, support and resistance , supply and demand zones, market structure, candlestick analysis etc.
On the weekly timeframe price continues to trend towards the downside. We are seeing a rejection of a support level at the 149.300 level. Last week formed a spinning candle and the previous week was also a reversal candle which is telling me price could be ready to move back to the upside.
On the H4 timeframe we can see that price is in a downtrend so we would have to see a break of structure before looking for buying opportunities. If price respects the current area it is at early in the week then we will take sells into the lower level.
On the weekly timeframe price continues to trend towards the downside. We are seeing a rejection of a support level at the 149.300 level. Last week formed a spinning candle and the previous week was also a reversal candle which is telling me price could be ready to move back to the upside.
On the H4 timeframe we can see that price is in a downtrend so we would have to see a break of structure before looking for buying opportunities. If price respects the current area it is at early in the week then we will take sells into the lower level.