Daily: Bullish
Currently retracing.
Pattern: Sat within an ascending channel. Potential for order once price breaks out of channel, re-tests.
4H: Pulled back and made a series of LH's and Hl's, formed a double bottom and multiple wick rejections at structure. Pushed above 4H BoS now pulling back but yet to form a CHoC to signify continued move to the upside.
1H, price has made new HH's and HL's. Once price breaks above the 4H BoS this will signify the end of the pull-back.
Correlation points: USD will need to remain Bullish with other pairs and Yen remaining to fall.
If price breaks above 4H BoS for continuation, then order will be submitted on the key price 123.000.
Only when price breaks below 4H Swing Low to break structure will sells be activated.
Action: buy will be initiated once price breaks above 4H BoS, ideally a break out and pull back on the new HL for order to be placed.
Currently retracing.
Pattern: Sat within an ascending channel. Potential for order once price breaks out of channel, re-tests.
4H: Pulled back and made a series of LH's and Hl's, formed a double bottom and multiple wick rejections at structure. Pushed above 4H BoS now pulling back but yet to form a CHoC to signify continued move to the upside.
1H, price has made new HH's and HL's. Once price breaks above the 4H BoS this will signify the end of the pull-back.
Correlation points: USD will need to remain Bullish with other pairs and Yen remaining to fall.
If price breaks above 4H BoS for continuation, then order will be submitted on the key price 123.000.
Only when price breaks below 4H Swing Low to break structure will sells be activated.
Action: buy will be initiated once price breaks above 4H BoS, ideally a break out and pull back on the new HL for order to be placed.