If price continues to reject 110.00 level with bullish momentum we look to hold until the 110.500 and 110.750 levels
If price pushes to the downside we will wait for a potential re-entry at the 109.750 level at trendline and support to see how price reacts
Arrows signify previous measured moves projected into potential future target levels
Selling if price comes back to 108.00 level and rejects it with momentum shown to the downside.
Buying if price rejects around the 106.750 level near the trend-line and same thing near the 105.350 level
Waiting to see how price reacts at the 109.00 level.
If price retests the trendline at the 109.00 level and finds support I will look to buy up to the 109.500 and 109.750 levels.
If price breaks and retests toward the downside I will look to sell towards the 108.500 level.
Waiting for a retracement and rejection of the downside before entering the market long around 110.00 level.
Keeping an eye out for a break and retest of the 111.00 level for a break and retest potential if there is rejection of the downside.
Awaiting pullback to 110.00 or 110.50 levels before entering any trades long.
I would look to take trades long to the 111.00 and 111.50 levels if price shows momentum to the upside.
The market could look to push towards the 38.2 Fibonacci retracement which is inline with a potential bullish move we are waiting for.
If price rejects the 110.00 level I will look to short to the 109.500 and 109.00 levels again.
If price surpasses and retests the 110.00 level it could signify a trend change where I will look to take long positions to the 110.500 and 111.00 levels.
Now we wait for price to retrace to the 109.600 level before making decisions to re-enter for a sell retesting the 4hour broken trendline and trading with the prevalent downtrend).
If price was to retrace to the 110.00 level we would wait for a break and retest with momentum signalling a potential trend change and buy orders would be placed to the upside.
Price retraced to the upside taking out stops. Momentum is still to the downside. Aiming for 109.500 TP1 and 109.00 TP2. Moving tp to breakeven if price reaches 109.50 level holding to 109.00 if daily wick is being filled.
Entry would have been on the bearish 1 hour marubozu candle piecing through 110.00. Stop losses are placed within the red rectangle range for 25 pips and take profits placed at 109.50 for first TP while 109.00 is the second TP. If the first TP is reached stops for second TP would be brought to break even and held.
Overall trend is bearish. Waiting to see how price reacts at the 110.00 and 109.00 levels. IF wick rejection is present or a suitable candle pattern that shows momentum to the downside presents itself I would take two trades short (following money management of 0.5% each position) to the next key levels in this case being 109.500 and 109.00. Stops set 25 pips above entry.