Last Month's Open and Close is around 163.73 - 163.77 region and from what we can see so far, price broke and has stayed below it.
Reasons I am staying Bearish ATM
1. As long as price doesn't close above 163.77, I believe our bearish momentum continues
2. We had a change of character when price broke through 163.00
3. I am expecting a pull back to 163.77 before a break of structure at 162.77
4, I believe we are in a 5 wave movement downwards to 161.39 - 160.85, where we have an order flow.
5. Price is still below the 50 EMA and 200 EMA
The orange zone marks my entry and where the last order block is situated which also coincides with our last month's close/open, whereas my target is 160 region. Any price movement above 163.90 invalidates my analysis.
There's a buying opportunity between 163.00 - 163.80, although we are bearish, we can also scalp the longs.
I would love to hear your thoughts 🤔, feel free to leave a comment ✍. Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕
Reasons I am staying Bearish ATM
1. As long as price doesn't close above 163.77, I believe our bearish momentum continues
2. We had a change of character when price broke through 163.00
3. I am expecting a pull back to 163.77 before a break of structure at 162.77
4, I believe we are in a 5 wave movement downwards to 161.39 - 160.85, where we have an order flow.
5. Price is still below the 50 EMA and 200 EMA
The orange zone marks my entry and where the last order block is situated which also coincides with our last month's close/open, whereas my target is 160 region. Any price movement above 163.90 invalidates my analysis.
There's a buying opportunity between 163.00 - 163.80, although we are bearish, we can also scalp the longs.
I would love to hear your thoughts 🤔, feel free to leave a comment ✍. Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕
Trade active:
Price has gotten to entry point, the selling begins
Order cancelled
