Now we have made a clear shift in where the range of price will likely want to work in. We have finally broken down the sellers from the 4 hour level and after multiple hits, it finally broke.
Green supply zone left and extended right for later... we'll be back
For now, looking to see a retest at the 4 hour level now from above, and once price stops and begins to turn is a good place for entry. Limit orders can be placed at the level, and I may do this, because I have some backtest/forward test to do, and I haven't slept much, so may just fire and forget on it.
We have two potential targets on the horizon, so showing two long tools at each target level, both of which have a high point just slightly above it a few pips from before. I expect price to retrace some from both levels, so the first entry could be trailed, then re entered on a good level.
Has a very simple setup to continue the trend, with the major trend Line traveling up right under the price as it comes into the level to start pushing up even more. There are just too many buyers and missing the demand zone below is probably an indication they will jump in with up at the 4 hour level to make it happen. This trendline support combo makes a set and walk away entry fairly comfortable, as it is a high probability it will hold and launch off the line/level.
Stay looking up and any retrace is not a short, just some relaxing along the way to the top target.
Green supply zone left and extended right for later... we'll be back
For now, looking to see a retest at the 4 hour level now from above, and once price stops and begins to turn is a good place for entry. Limit orders can be placed at the level, and I may do this, because I have some backtest/forward test to do, and I haven't slept much, so may just fire and forget on it.
We have two potential targets on the horizon, so showing two long tools at each target level, both of which have a high point just slightly above it a few pips from before. I expect price to retrace some from both levels, so the first entry could be trailed, then re entered on a good level.
Has a very simple setup to continue the trend, with the major trend Line traveling up right under the price as it comes into the level to start pushing up even more. There are just too many buyers and missing the demand zone below is probably an indication they will jump in with up at the 4 hour level to make it happen. This trendline support combo makes a set and walk away entry fairly comfortable, as it is a high probability it will hold and launch off the line/level.
Stay looking up and any retrace is not a short, just some relaxing along the way to the top target.
Comment:
Order still in place, stop sweep should grab it...
Trade active:
Order filled
Comment:
Stop moved down slightly to 1.09 for volatility, too much agreement on 1.10 and we have a demand zone right above
Comment:
Failure here just tells me the price wants the demand zone at 1.083-4, where I'll plan long next if this falls through
Comment:
1.091 should be a correct entry* note for later*
This trade is just enforcement of set alerts at the possible entry, then limit targetif entry is taking will be the approach in the future. Getting good reaction from the demand at 1.091
This trade is just enforcement of set alerts at the possible entry, then limit targetif entry is taking will be the approach in the future. Getting good reaction from the demand at 1.091
Comment:
Even with moved stopped (justified) there is only 29 pips risk on this position
Comment:
We make it back above the 4 hour level before the end of the day, we should be good to 1.101 from there. The mean average of all activities are above the 4 hour, and this move is just to entice shorts to try again and take their money (still strong in the uptrend and all the other factors leading up to here, so not stressing this one much on this move)
Comment:
The failed quick short earlier is more than enough to tell me the selling power is very weak already as well
Comment:
All of the consolidation in the top area tells me that this was the stop run for them, and the shakeout was to make people switch bias, they took the stops for the ones above, and now seller bait, and go back up locking whoever is left in
Comment:
Just a tad more from, in case we have a stop run here, 1.0898. 1.0913 is the center of a very strong level in this area, it has had a lot of respect every visit, so fairly certain it should hold
Comment:
This overall look of the candles, I would not overlook this behavior as common too. We had news yesterday, massive price change, now it's just an overall retrace to fill in the inefficiency of the price before moving back up. We also have a trend line created by the lows yesterday, lining up on this level. If it does fail though, we will fulfill another behavior of this v pattern going down before finally explosive move up. Stop will not move again, because the in-between levels are not very solid, and alert will be added at the green box demand, not drawing down 70 more pips to wait, I'll just re enter long there
Trade closed: stop reached:
Yup, it'll go to 1.083, then come back, so I'll set an alert at 1.084, we have to fulfill the pair behavior when the infamous v pattern appears, it's almost a law for this pair, and happens on just about any time frame 🧐
