Structure is currently within a critical area. Two major momentum's are intersecting with one another, buyers and sellers. With this being said, we will simply wait for the market to make the first move before any trade ideas from a bullish or bearish perspective come about. For any sells, we would first be looking for strong breaks below the ascending trend and weekly support invalidating this initial bullish run that started on the 13th of September. In addition, the break below the beginning of the bull run would invalidate the idea that this bearish momentum is relief from the bullish run. From there, we would simply look for a continuation pattern to come about to indicate a trend cycle is forming. Buy's will only be warranted by creating short term higher highs. Short term due to the fact that initial driver to left (bearish) has yet to be invalidated. Therefore, this short term bullish momentum is a consistent of pending order's being hit from the weekly support and ascending trendline on the daily + liquidation or relief from the initial bearish impulse. Full updates regarding this pair can be found on The Exchange. Let me know what you think legends!
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Comment:
Range bound.
Comment:
Range bound.
Comment:
Playing out as expected.
Trade closed: target reached