DAILY ANALYSIS
- From the point of round about 18th June, an inside bar was formed which channelled a change in market direction, and furthermore was the beginning of a bullish trend which went all the way to the point of around 10th of July.
- Price action then change become bearish, and from that point, a trend in opposite direction began to form bringing us today, as that trend continues to form on the 18th of July.
- A double top pattern has began to form also, looking at our recent days. I would say that the start of this pattern began to form from around the point of 11th May, where an inside bar was formed which indicated a change in price action from Bearish to Bullish.
TRADING ENTRY POINTS
- With price action currently hovering around the 111.990 mark, a Higher Low that I identified that price action hit a few times seems to be round about the 111.900 mark. Should price action break this point, it shows us that price action is on its way to continuation the formation of the double top pattern, thus allowing us to continue trading up until the neck line point of round about 109.500.
- If price action is to reach this point, it has then reached a Lower Low, and because of the pattern that is forming, we would expect to see an inside bar, causing a change in direction, and a bearish trend then beginning to form, which would present us with a long trading opportunity with our target price being able to hit our higher high point.
- From the point of round about 18th June, an inside bar was formed which channelled a change in market direction, and furthermore was the beginning of a bullish trend which went all the way to the point of around 10th of July.
- Price action then change become bearish, and from that point, a trend in opposite direction began to form bringing us today, as that trend continues to form on the 18th of July.
- A double top pattern has began to form also, looking at our recent days. I would say that the start of this pattern began to form from around the point of 11th May, where an inside bar was formed which indicated a change in price action from Bearish to Bullish.
TRADING ENTRY POINTS
- With price action currently hovering around the 111.990 mark, a Higher Low that I identified that price action hit a few times seems to be round about the 111.900 mark. Should price action break this point, it shows us that price action is on its way to continuation the formation of the double top pattern, thus allowing us to continue trading up until the neck line point of round about 109.500.
- If price action is to reach this point, it has then reached a Lower Low, and because of the pattern that is forming, we would expect to see an inside bar, causing a change in direction, and a bearish trend then beginning to form, which would present us with a long trading opportunity with our target price being able to hit our higher high point.