Update:
Been a while on this, been trading loads but not uploading so much. just thought I would highlight a pair I am looking at and have been trading today. AUDJPY playing perfectly into this range here and in a daily resistance, we have been playing this range (my grey res line) for a few weeks now and although we have seen bullish market structure but have ran into this huge resistance and I think we need to play out this range reset all of the indicators before possibly breaking to the upside.
you can also see on the test on resistance today we didn't quite meet the trend line, showing weakness at this level, also the wicks on the candles once price gets near it you can see the selling pressure here. I think we will see another attempt at this level and is why I have a resistance box there, forming a reversal pattern back down to the support allowing the indicators to reset and allow price to move back to the upside with some momentum.
keep in mind Monday opened with a lower low which formed a W reversal back to the upside but even with the bullish move you can see how weak price is so a lower low followed by this lower high is what makes me think a test on this grey support line will happen. I have highlighted an entry I will look to take, so lets see what happens.
having that great resistance allows an extremely tight SL so the r/r is really nice on this one and there should be several confluences pointing to this direction.
Been a while on this, been trading loads but not uploading so much. just thought I would highlight a pair I am looking at and have been trading today. AUDJPY playing perfectly into this range here and in a daily resistance, we have been playing this range (my grey res line) for a few weeks now and although we have seen bullish market structure but have ran into this huge resistance and I think we need to play out this range reset all of the indicators before possibly breaking to the upside.
you can also see on the test on resistance today we didn't quite meet the trend line, showing weakness at this level, also the wicks on the candles once price gets near it you can see the selling pressure here. I think we will see another attempt at this level and is why I have a resistance box there, forming a reversal pattern back down to the support allowing the indicators to reset and allow price to move back to the upside with some momentum.
keep in mind Monday opened with a lower low which formed a W reversal back to the upside but even with the bullish move you can see how weak price is so a lower low followed by this lower high is what makes me think a test on this grey support line will happen. I have highlighted an entry I will look to take, so lets see what happens.
having that great resistance allows an extremely tight SL so the r/r is really nice on this one and there should be several confluences pointing to this direction.
