• Possible H4 approach forming en route to a H4 coming in at 18309-18356.
• The tails seen marked on the H4 chart with a green arrow represent buying interest around this neighborhood, thus there is a strong possibility that there are unfilled orders still residing here.
• The current H4 demand base is housed within a weekly drawn from 18365-18158, and also sits just above a broken daily Quasimodo level at 18279.
Our suggestions: Despite the confluence seen around the H4 demand area, our team would still require a lower timeframe buy entry to form prior to risking capital, due to the possibility that price may fake beyond the aforementioned H4 demand into the broken daily Quasimodo line. What we mean by lower timeframe confirmation is simply either an engulf of supply followed by a subsequent retest, a break/retest or simply a collection of well-defined buying tails around the higher timeframe zone. Stops are usually placed 5-10 pips beyond the confirming structure.