Wherever the market goes we go!
----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Support & Resistance Structure & Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Candlestick Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> Break & Close of Major S/R Structure - Bullish or Bearish
----> Candle - Structure - Fib - Bias - Overall
Weekly - Previous week finished as a bullish inverted hammer. This is also at the end of the bearish run and hasn't broken the weekly support which is holding strong. This could be the sign of a bullish reversal or a bullish pullback - either way a bullish bias is on for the week.
Daily - Taking in to consideration the considerable gap down, price is reacting strongly in the bullish manner has suggested from the weekly time-frame. Price made a lower low in a bearish trend. Two things to expect, but both backed by a bullish bias - a pullback or trend reversal.
4hr/1hr - Price found support on the 4hr time-frame after the gap down at market opening. A lower low was created and if this is an early bearish continuation we should see price bounce of the nearest 4hr resistance and break the weekly and 4hr supports. A bullish reversal or stringer retracement would see a possible rejection of the 4hr
resistance, a close above and bounce off the weekly support before heading north, or a break of the 4hr/1hr resistance, a retesting of that structure and continuation to north.
Buy
Entry: 123.7/123.8
Targets: 125/126.5
SL: 123.2
----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Support & Resistance Structure & Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Candlestick Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> Break & Close of Major S/R Structure - Bullish or Bearish
----> Candle - Structure - Fib - Bias - Overall
Weekly - Previous week finished as a bullish inverted hammer. This is also at the end of the bearish run and hasn't broken the weekly support which is holding strong. This could be the sign of a bullish reversal or a bullish pullback - either way a bullish bias is on for the week.
Daily - Taking in to consideration the considerable gap down, price is reacting strongly in the bullish manner has suggested from the weekly time-frame. Price made a lower low in a bearish trend. Two things to expect, but both backed by a bullish bias - a pullback or trend reversal.
4hr/1hr - Price found support on the 4hr time-frame after the gap down at market opening. A lower low was created and if this is an early bearish continuation we should see price bounce of the nearest 4hr resistance and break the weekly and 4hr supports. A bullish reversal or stringer retracement would see a possible rejection of the 4hr
resistance, a close above and bounce off the weekly support before heading north, or a break of the 4hr/1hr resistance, a retesting of that structure and continuation to north.
Buy
Entry: 123.7/123.8
Targets: 125/126.5
SL: 123.2
Order cancelled:
Correction
Due to the confluences supporting a bearish bias such as the strong 4hr resistance and the lower low created/Fib completion (by reason of the gap down), shorts are in the offering here.
Sell
Entry: 124.3
Target: 122.5/121.75
SL: 124.8
Due to the confluences supporting a bearish bias such as the strong 4hr resistance and the lower low created/Fib completion (by reason of the gap down), shorts are in the offering here.
Sell
Entry: 124.3
Target: 122.5/121.75
SL: 124.8
Trade closed: target reached