-From the double top on daily chart, a strong bearish impulse was made
-Previously i was expecting the retracement to be at 77.145 resistance,
however it was rejected to the 61.8% of the Fibonacci retracement at 77.956
- This Bearish trend is assumed to still be valid but is very important to break the strong support level
- I will be...
- daily channel has been broken and retested
- the daily support zone is respected as the weekly candle close which indicates a possible bullish trend reversal
-The weekly time frame shows a possible W formation
- High risk open position with small lot size below resistance 1.56700
- low risk entry and better confirmation after price has...
- The Monthly Trendline Break and retraced beautifully
-The market then made an impulse creating a new Higher High and Higher low
- Both daily and weekly closed above Key level completing the weekly retracement
- Wait for H4 confirmation for the bullish continuation
- Market broke the bearish structure
- We should be seeing a Daily retracement
- Daily,weekly candle close above Key Level
- Short term Long for the retracement
-Long term Short for the bearish trend continuation.
Note: Price must break Key Level for the long term Short.
1. The market just made a massive bullish impulse,
I will be waiting for confirmation on H4 for the retracement to the 38.2% of FIbo
This area is also a very strong support zone.
2. An Overextended W formation is visible, In addition to the impulse mentioned (1)
this Chart Pattern adds to my confluences forming a beautiful structure.
-The price is currently in a strong Daily Resistance Zone ,
-The HNS on H4 should bring the price down to the Trendline.
-Wait for the the price to break the trendline, short after Retracement!
Previously I mentioned that if the price manage to break the support zone , i will be looking for a short opportunity with TP at the bottom Trendline.
This is exactly what the market did ( with one visible retracement)
1. This tells us that the bottom Trendline is respected.
2. We will looking for a buy opportunity once a shift from a bearish to a...