- 4H chart reflecting price has hit a supply zone, also confirmed by 4H TDI showing over bought market conditions as TDI touching upper volatility band.
- sell now between 110.0 & 109.8 until demand zone of approx 108.0
- Daily TDI showing over bought as price broke out of daily structure on February 1st.
- 4H ascending channel (blue) cause breakout of daily channel (orange), showing over bought on TDI.
- 1H also showing over bought on TDI.
- Price obver sold on 15 minute, may retrace before entry.
- Price still has room to rise on weekly before reversal.
- Daily TDI showing over bought market conditions potentially pending a reversal.
- 4H TDI showing over bought market condition which coincides with price just bouncing off upper trend line of ascending channel.
- Price has broken below monthly support line (green) down trending.
- Price is overbought on weekly TDI. Price is currently positioned at upper trend line of descending channel forming a lower high to continue its downtrend.
- Price is also showing as over sold on daily.
- 4 hour time frame showing price is currently formed an ascending channel to the lower...
- Oversold on weekly, daily & 4hr.
- Breakout of downtrend would adhere to elliot wave.
- Touching daily & 4hr support trend line.
What are your thoughts?
4 hr chart of nzdjpy, potential short when price consolidates forming a rising wedge which is a reversal pattern.
daily time frame also showing to be oversold with stochastic,
tdi shows overbought from daily timeframe down, entry shown on chart same for tp, small drop and rise would lead to multi session W back upto form a lower high to continue downtrend
potential to break this daily support as weekly displays structure in downttrend, also water above price on all timeframe from weekly down, and small hidden divergence on daily tdi
almost forming a lower high on the daily on declining structure resistence, almost oversold on daily tdi, some hidden bearish divergence on daily too i think and if sells would form multi session W to reverse price
Entry - 1.3555
SL - 20 pips
TP - 1.3300
Price just hit off monthly resistence, forming a double top reversal pattern at resistence, bearish for foreseable future.
Entry: .98455 Area where possible first leg of double top reversal pattern happen, entry @ second leg
TP: .99268
SL: 98425
Over all market is ranging, Pair is on a slight down trend on daily chart, however 4 hour chart descending structure, price potentially forming double bottom reversal pattern at 4 hour support trend line.
Entry: 110.90 - bottom of potential W double bottom reversal pattern 1stleg retraced at this region.
SL: 20-25 pips from entry.
TP: 111.9 - tp @ 50 ema on hourly chart, could potentially hold for longer.
SL: .66257
Entry: market entry at time of call
TP: .68369
Market has consolidated after on going up trend, perfect time to buy, 50 pip potential profit.
