In accordance with the analysis published on Daily, here's the view from H4. I took off the higher timeframes MAs and overlaid 2 other studies I developed recently: the daily high/low and the monthly high/low. Please note that these show the previous day/month data point, not the current one. So, the aqua line shows the previous day's high and the blue line the previous day's low. The purple line shows the previous month's high. Also overlaid, you can see the Bollinger Bands 34 periods/2 standard deviations. The white dashed line is just a trendline. The h-lines are the same as mentioned in my previous post re the Daily chart.
So, price hit 2nd standard deviation around YPR1 and bounced up from there re-entering the previous daily candle range. Note though that it is still under the previous month high and previous day high and mid Bollinger line, all 3 of which coincide.
What I am looking for:
1- If price fails to break these 3 levels and stay above them, with the TL in effect capping PA (price action), then I would sell.
2- BUT if price breaks these 3 levels and stops at MPR1 failing to maintain a foothold above MPR1, then I'd short from there, ie MPR1 (the dark green line with R1 on the left at 1.5325).
3- Alternatively, price could break MPR1 to touch upper Bollinger band at 1.5358 where the previous top is also located (red h-line) and if PA shows clear signs bulls are failing there, then short from that high.
TP is the same as in previous post, slightly above the high of, not last month's, but 2 months ago (where the MPP and dashed cream h-line are).
So, price hit 2nd standard deviation around YPR1 and bounced up from there re-entering the previous daily candle range. Note though that it is still under the previous month high and previous day high and mid Bollinger line, all 3 of which coincide.
What I am looking for:
1- If price fails to break these 3 levels and stay above them, with the TL in effect capping PA (price action), then I would sell.
2- BUT if price breaks these 3 levels and stops at MPR1 failing to maintain a foothold above MPR1, then I'd short from there, ie MPR1 (the dark green line with R1 on the left at 1.5325).
3- Alternatively, price could break MPR1 to touch upper Bollinger band at 1.5358 where the previous top is also located (red h-line) and if PA shows clear signs bulls are failing there, then short from that high.
TP is the same as in previous post, slightly above the high of, not last month's, but 2 months ago (where the MPP and dashed cream h-line are).
