I'm really not sure if this instrument and time period should be traded right now. The way it reversed I wouldn't call it bullish or bearish. It looks like it's going to be in a range/consolidation. And for most who trade smaller periods you'll know those are the hardest to trade since the corrective structure can easily morph from a wedge into a flag, then into a more complex structure, etc.. That's the reason experienced Elliott Wavers tend to avoid trying to get in W4 when W2 was a simple correction (i.e. the theory of alternation means the next corrective cycle is most likely to be complex if the first one was simple, and vice versa). Anyway, I hope that helps someone looking to trade this.
Very nice comment friend! Yes, thats because I avoid smaller and trade most on daily ;) But Im still bearish on the long term on this pair because Fed is hiking rates, even if it struggles a little, still raising, and its very likely to find it difficult for BoE to even start hiking this year. So yes, on lower frames it can be difficult but on the bigger picture I believe it will keep falling. But technically, yes, could look like bottoming and ranging.
I agree. Looking at the weekly charts and how it tested the support level it's clearly bearish. It can have a big correction however. I'll wait for more price action to develop to get a clearer picture of what it's doing at this level.
I like this, I spotted this trade at the breakout and that sharp spike down met my first price target, my next short-term price target is that structural low at 1.40785. I didn't however look at the longer-term picture as a trend-continuation, nice outlook.