Weekly Timeframe: At the time of writing, the weekly pin-bar candle formed last week within weekly supply at 0.94546-0.93081 appears to be failing, as buying pressure is seen coming into the market at the moment.
Daily timeframe: Anyone that sold based off of the weekly pin bar within weekly supply (0.94546-0.93081) may be in a little trouble. As explained in the previous analysis, all the weekly pin-bar candle essentially did was trade extremely close to a daily decision-point level (demand) at 0.93019, where at the time of writing, a bullish reaction is already being seen! Nonetheless, there may still be hope; price is also trading just below a fresh daily supply area (within weekly supply at 0.94546-0.93081) at 0.94546-0.93702, if there are enough active sell orders to overcome the buyers, price will drop and consume the aforementioned daily decision-point level, and as a result this will likely be a signal that lower prices are to come.
4hr Timeframe: The market opened at 0.93165, and ever since then the buyers took overall control trading off of a minor 4hr resistance flip level at 0.93257. This current trading action is not exactly depicting selling strength out of the current weekly supply area at 0.94546-0.93081, would you not agree?
We have to be honest; our confidence has been a little tainted concerning our active sell position taken within 4hr supply (0.93911-0.93746) at 0.93845. We are just very fortunate to have locked in enough profit at our first take-profit level at 0.93464, that if we do get stopped out, it would still be a winning trade. It is not only the higher prices currently being seen within the aforementioned weekly supply area affecting our confidence. Take a quick look at the blue downtrend line, this line is not used to represent a trend as such, it is more to try and demonstrate that pro money have likely consumed most of the sell orders while price was falling, the wicks (0.93670/0.93727) marked with blue arrows are possibly where pro money were collecting unfilled sell orders as price was dropping, whilst doing this, they were essentially clearing the path north for any future buying, again not a great sign for our current short trade!
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 0.92635 (Stop loss: 0.92410 Take profit levels(s): Dependent on how price approaches). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: 0.93845 (Active) (Stop loss: 0.94078 Take profit levels(s): 0.93464 0.93051).Price action confirmation levels: No Price action confirmation sell levels are seen in the current market environment.
Daily timeframe: Anyone that sold based off of the weekly pin bar within weekly supply (0.94546-0.93081) may be in a little trouble. As explained in the previous analysis, all the weekly pin-bar candle essentially did was trade extremely close to a daily decision-point level (demand) at 0.93019, where at the time of writing, a bullish reaction is already being seen! Nonetheless, there may still be hope; price is also trading just below a fresh daily supply area (within weekly supply at 0.94546-0.93081) at 0.94546-0.93702, if there are enough active sell orders to overcome the buyers, price will drop and consume the aforementioned daily decision-point level, and as a result this will likely be a signal that lower prices are to come.
4hr Timeframe: The market opened at 0.93165, and ever since then the buyers took overall control trading off of a minor 4hr resistance flip level at 0.93257. This current trading action is not exactly depicting selling strength out of the current weekly supply area at 0.94546-0.93081, would you not agree?
We have to be honest; our confidence has been a little tainted concerning our active sell position taken within 4hr supply (0.93911-0.93746) at 0.93845. We are just very fortunate to have locked in enough profit at our first take-profit level at 0.93464, that if we do get stopped out, it would still be a winning trade. It is not only the higher prices currently being seen within the aforementioned weekly supply area affecting our confidence. Take a quick look at the blue downtrend line, this line is not used to represent a trend as such, it is more to try and demonstrate that pro money have likely consumed most of the sell orders while price was falling, the wicks (0.93670/0.93727) marked with blue arrows are possibly where pro money were collecting unfilled sell orders as price was dropping, whilst doing this, they were essentially clearing the path north for any future buying, again not a great sign for our current short trade!
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 0.92635 (Stop loss: 0.92410 Take profit levels(s): Dependent on how price approaches). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: 0.93845 (Active) (Stop loss: 0.94078 Take profit levels(s): 0.93464 0.93051).Price action confirmation levels: No Price action confirmation sell levels are seen in the current market environment.
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