Looking at the higher TFs, we can currently see that we are in the corrective phase, with an impulsive leg in the works. Looking at the weekly, it seems as if we have gained some great bullish momentum, however, I believe that this is to get most traders trapped on the wrong side of the market.
Analyzing the overall weekly structure starting from August 17', there is a clear bearish channel forming, with the upper trend line being touched for a 4th time, acting as a significant resistance. Taking it down to the 4H (which will be on my next post for a clearer view), we can an attempt at the 61 Fib, with a bearish engulfing, that is currently in a bearish channel structure.
I will await a break of the lower TL in the 4H bullish channel for entry and will look to scale in on multiple positions all the way to 1.20500.
Analyzing the overall weekly structure starting from August 17', there is a clear bearish channel forming, with the upper trend line being touched for a 4th time, acting as a significant resistance. Taking it down to the 4H (which will be on my next post for a clearer view), we can an attempt at the 61 Fib, with a bearish engulfing, that is currently in a bearish channel structure.
I will await a break of the lower TL in the 4H bullish channel for entry and will look to scale in on multiple positions all the way to 1.20500.