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- lots of buy pressure in the market
- price made a push through zone
- expecting an exhaustion - possibly at trendline
- looking for price action confirmation before entering long again
- I am expecting a minor exhaustion on this pair to retest former resistance level, making it a support.
- Looking for price action confirmation e.g. a bullish engulfing candle before entering long
- Long till 4Hr Zone
After predicting successful long (100 pip profit), here's what I believe is next for this pair.
- expecting a minor exhaustion at hourly zone
- then looking for price action confirmation e.g. a bullish engulfing candle close (on 4HR TF)
- then entering long until monthly yellow zone
- Price to retest downtrend and break through purple monthly zone.
- Price to retest the same purple monthly zone as a resistance level
- Waiting for price action confirmation e.g. a bearish engulfing candle close on the 4hr TF, before entering short
- Price to make its way down to lower purple monthly zone.