Even with the new lower swing high inplace price needs to start breaking demand which it may not do first time around. Supply formed with sell orders above looking to hold price down. Need the last swing high to remain uncrossed with price looking to form new swing low. Targets below
This setup has not proved itself yet all there is to suggest price is willing to move up is a higher low on the bigger swing low. The smaller inset swings are falling, price will need to make a new swing and low in the smaller swings to start moving up - as always the swing low has to hold or price will move further down and want price to start moving off of...
Smaller swing high lows are playing out within a larger play - I would like price to retrace into the prev swing high low smaller area and hold at demand - one to show the demands are now holding two to make a higher low on the smaller swings and three give a better entry price. Alternatively we may see price make a new price from here then retrace.
Swing highs and lows have been falling with price now in consolidation. When we have a falling swing high / low we only want to short from supply. Price presently consolidating; if the swing high remains intact then I would expect the swing low to break and price to go lower.
Swing highs and lows are falling I would anticipate the better trade to be shorting from supply rather then longing to them. However we have demand below and I anticipate where sell orders pushed past the buy orders, should be areas to be retested at 1.2312 and 1.2346
A new swing high was made a consideration for a long - two demands below to hold price - supply targets above - price has to remain above swing low and break the new swing high
Looking for supply to hold at 1.3384 next supply at 1.3406 - I would be reluctant to hold short if first supply lost - targets below where buys overwhelmed the sells 1.3329 to 1.3311