Monthly: On this timeframe price has formed a REALLY bearish marobozu candle on november 2016, it's marobozu, it's engulfing, it's very bearish. But in the following months a spinning bottom formed, some kinda shooting star but not
a valid one ( again showing rejection of the 0.87000 level really strong) next candle is a hanging man, then a shooting star an this month's candle is currently a hanging man too. Price has been in an uptrend for the last few years BUT since price was strongly rejected from
the 0.90500 level and the 0.87000 and all the monthly candlesticks we could expect a reversal to the downside. Price always seems to retest/fakeout weekly or monthly resistance zones, that gives me a sign of more bearish momentum to the monthly
support level (0.84000)
weekly: keep in mind that for years price has been uptrending in betweena channel. If you see the week of the 20.6.16 candle you can see there's a huge gap in there to be filled in the future, wich gives us more confluence to the thought
of this pair going lower. on the last few weeks we can see some intense bearish momentum after the rejection of the 0.90500 level, and it reversed on the 0.84 level, so be careful arround that zone where a evening star formed, its a potential
reversal zone. On the last 5 weeks we can see some intense bearish momentum after the rejection of the 0.87 level, and price is currently resting at the whole move trendline so we could see it bounce once again to the 0.87 resistance
before dropping very low and breaking the lower trendline. This pair seems high likely to have a violent move when it breaks (not fakes) out , i'd say to previous structure high, filligh the huge gap that it left in mid 2016
so, IF price bounces from the lower trendline you should look to sell only IF some candlestick pattern/formation that signs reversal forms within that 0.87 zone and price is succesfuly rejected and THEN you can place a sell order with take profits at weekly support then monthly support
and so on. That's one scenario. The other scenario would be price breaking strongly through the trendline and testing the monthly support level. Once price reaches there you should wait to see if price is rejected from there, remember it's been a reversal zone in the past.
also look for daily candlestick formations that sign rejection/reversal from that monthly 0.84 supp level. This is the more likely scenario to me, price reaching 0.84 straight forward. Wait for the candlestick to form, dont rush into the market
remember that you dont go to where i or you say, they move where they want to move.
daily: Now it gets tricky, because price has been in an uptrend for years and to confirm that price has reversed, it must break previous structural lows. on this timeframe price has made lower highs and higher lows, so for the newbie it'll be very indicisive, wich it's not for me in this pair
On the last month after price was succesfully rejected from the 0.87 level price has been in a very bearish momentum and you can see all sort of candlestick patterns here. Take this things into consideration: The 0.84- 0.833 is a huge reversal zone wich price couldnt break in the past thrice.
There's an inside bar that broke to the upside but then was rejected (31.3.17 and next candle). Theres a perfect tweezer pair of the last 2 days (before 14.4.17 candle) but it's hard to tell if they are a tweezer bottom or a tweezer top, we will know later if price gets rejected from the lower trendline
If price continues going lower then it's a tweezer top (a pair of spinning tops). On this timeframe i get an even more clear signal that price could easily reach the 0.84 BUT remember that price has made two consecutive higher lows, always keep that in mind.
IF the market breaks past low we'll most probably see it reaching 0.833 after a pullback from the monthly support. There's an inner trendline from this timeframe that would confirm more downside if price closes below it. In order t
a valid one ( again showing rejection of the 0.87000 level really strong) next candle is a hanging man, then a shooting star an this month's candle is currently a hanging man too. Price has been in an uptrend for the last few years BUT since price was strongly rejected from
the 0.90500 level and the 0.87000 and all the monthly candlesticks we could expect a reversal to the downside. Price always seems to retest/fakeout weekly or monthly resistance zones, that gives me a sign of more bearish momentum to the monthly
support level (0.84000)
weekly: keep in mind that for years price has been uptrending in betweena channel. If you see the week of the 20.6.16 candle you can see there's a huge gap in there to be filled in the future, wich gives us more confluence to the thought
of this pair going lower. on the last few weeks we can see some intense bearish momentum after the rejection of the 0.90500 level, and it reversed on the 0.84 level, so be careful arround that zone where a evening star formed, its a potential
reversal zone. On the last 5 weeks we can see some intense bearish momentum after the rejection of the 0.87 level, and price is currently resting at the whole move trendline so we could see it bounce once again to the 0.87 resistance
before dropping very low and breaking the lower trendline. This pair seems high likely to have a violent move when it breaks (not fakes) out , i'd say to previous structure high, filligh the huge gap that it left in mid 2016
so, IF price bounces from the lower trendline you should look to sell only IF some candlestick pattern/formation that signs reversal forms within that 0.87 zone and price is succesfuly rejected and THEN you can place a sell order with take profits at weekly support then monthly support
and so on. That's one scenario. The other scenario would be price breaking strongly through the trendline and testing the monthly support level. Once price reaches there you should wait to see if price is rejected from there, remember it's been a reversal zone in the past.
also look for daily candlestick formations that sign rejection/reversal from that monthly 0.84 supp level. This is the more likely scenario to me, price reaching 0.84 straight forward. Wait for the candlestick to form, dont rush into the market
remember that you dont go to where i or you say, they move where they want to move.
daily: Now it gets tricky, because price has been in an uptrend for years and to confirm that price has reversed, it must break previous structural lows. on this timeframe price has made lower highs and higher lows, so for the newbie it'll be very indicisive, wich it's not for me in this pair
On the last month after price was succesfully rejected from the 0.87 level price has been in a very bearish momentum and you can see all sort of candlestick patterns here. Take this things into consideration: The 0.84- 0.833 is a huge reversal zone wich price couldnt break in the past thrice.
There's an inside bar that broke to the upside but then was rejected (31.3.17 and next candle). Theres a perfect tweezer pair of the last 2 days (before 14.4.17 candle) but it's hard to tell if they are a tweezer bottom or a tweezer top, we will know later if price gets rejected from the lower trendline
If price continues going lower then it's a tweezer top (a pair of spinning tops). On this timeframe i get an even more clear signal that price could easily reach the 0.84 BUT remember that price has made two consecutive higher lows, always keep that in mind.
IF the market breaks past low we'll most probably see it reaching 0.833 after a pullback from the monthly support. There's an inner trendline from this timeframe that would confirm more downside if price closes below it. In order t