I will be doing a multi time frame analysis of this pair. Starting from the monthly all the way down to the daily.
Monthly:
Price is currently in a downtrend making lower lows and lower highs. We could expect the formation of a lower low. Also there is a zone of demand that has not been clearly tested yet. We could expect the price to test the demand zone below the current previous low for a liquidity run.
Weekly
Price is clearly In a downtrend. We could expect the creation of a new impulse. The reason we could expect the creation of a new impulse is because below the low there is a demand zone that has no been tested yet. There is liquidity sitting below the low which we could expect the market to reach that zone.
Daily
Price is creating higher highs and higher lows. The price is in an uptrend. To look for a short opportunity we have to wait for the price start creating lower lows and lower highs.
approach:
Wait for the daily switch of environment. If you want to have a better entry with a better risk reward look for opportunities in lower time frames
Monthly:
Price is currently in a downtrend making lower lows and lower highs. We could expect the formation of a lower low. Also there is a zone of demand that has not been clearly tested yet. We could expect the price to test the demand zone below the current previous low for a liquidity run.
Weekly
Price is clearly In a downtrend. We could expect the creation of a new impulse. The reason we could expect the creation of a new impulse is because below the low there is a demand zone that has no been tested yet. There is liquidity sitting below the low which we could expect the market to reach that zone.
Daily
Price is creating higher highs and higher lows. The price is in an uptrend. To look for a short opportunity we have to wait for the price start creating lower lows and lower highs.
approach:
Wait for the daily switch of environment. If you want to have a better entry with a better risk reward look for opportunities in lower time frames
Trade active
Trade active:
The price is getting close to our target area
Trade closed manually
Trade closed: target reached
Wiiso