Weekly:
We closed with a red candle last week and a lower high. This kept in place the bearish trend that we've been on for weeks.
Daily:
On the daily, we finally got a candle yesterday retracing the big move down. Currently we're sitting right below a zone. (grey box)
Price move up to test it yesterday and rejected. We're at this moment trying to test it again for rejections.
So the immediate trend is bull but the larger trend is bear.
4h:
Consolidation between the 2 yellow lines. We have attempted to break through the grey zone resistance but seem to be failing to do so.
1hr:
Closing of candles outside the area boxed up by the 2 yellow lines will give us entries. This depends on your risk levels.
You can wait for 30 min close or 15 min close. Or you can wait for break and retests on 30 min or 15 min.
I personally lean more towards sells but we have to violate the current bullish structure first. Some signs of it on 1hr, failure to make higher high. So if we close below the yellow line, we violate the higher low also given us confidence to continue sells.
We closed with a red candle last week and a lower high. This kept in place the bearish trend that we've been on for weeks.
Daily:
On the daily, we finally got a candle yesterday retracing the big move down. Currently we're sitting right below a zone. (grey box)
Price move up to test it yesterday and rejected. We're at this moment trying to test it again for rejections.
So the immediate trend is bull but the larger trend is bear.
4h:
Consolidation between the 2 yellow lines. We have attempted to break through the grey zone resistance but seem to be failing to do so.
1hr:
Closing of candles outside the area boxed up by the 2 yellow lines will give us entries. This depends on your risk levels.
You can wait for 30 min close or 15 min close. Or you can wait for break and retests on 30 min or 15 min.
I personally lean more towards sells but we have to violate the current bullish structure first. Some signs of it on 1hr, failure to make higher high. So if we close below the yellow line, we violate the higher low also given us confidence to continue sells.