Watchlist has remained the same as yesterday so I thought I would share a potential entry with you. Price has continued to push heavy to the downside. Price has been stuck in consolidation for the past 14 hours. If we see a clean break to the downside I will be setting a sell limit with the levels shown on screen.
After 11 days of consolidation we have finally broken to the downside. Admittedly I am not very happy with the amount of volume/ volatility in the market following this break. I was expecting a very aggressive push to the downside. Because of this, I will be waiting for the next H4 support break before looking for some aggressive entries on the next push phase.
Fairly similar to GBP/AUD. Lower high formation has already been created and price has started to create lower lows and lower high levels. We have a nice hourly trendline that could be used for entries or you could wait for the H4 support break.
Double top may be forming on the hourly to continue this downwards momentum. I am keeping an open mind on this being a potential exhaustion phase in the market ready for a bigger push but for the time being I am continuing to look for sells from a day trading mind set.
Price is starting to stall from the high of the previous impulse. There are a lot of structural levels we can use to determine if this reversal will happen. As long as we continue to break support and set new lows on the hourly and break this H4 trendline I will be looking for sells.