My line in the sand is 2078. I'm not considering any longs below it unless i get a really strong bounce signal at around 2040 (and even then I'd only consider a shorter term long trade!).
If you check out ADX, you'll see it has considerably dropped since the last low. In short, momentum's been dropping while the last ranging move took place. D- is right above 25, suggesting the bears are in control. ADX bounced off the 20 level and is now rising again...which also supports the bears.
In fact, for the last 3 times, ADX shot up every time the bears took over. The purple arrows highlight that.
I'll be looking for short entries on the H1 below 2078 and will reassess at 2040. I expect price to stall there a bit whether it bounces or breaks through. Hoping for a break personally, but "hope" isn't exactly a good thing when it comes to trading ;)
For shorts, my ideal entry would be around 2060-2065. At least that's where I'd like to get a decent short signal with rising momentum.
Should 2078 break, we'll head towards 2100...again...
Shot right through 2078 and holding above it so far. Would still like to see a nice short signal and expect it to be quite impulsive if it happens. For now, I can't go short because there's no signal on the lower TF.
Upside capped at 2098 temporarily if the move extends tomorrow.
Upside capped at 2098 temporarily if the move extends tomorrow.