Price has impulsed out of the descending corrective nature and forming a clean counter trend move.
Impulse is slightly messy due to NFP however it has still popped nicely out of the channel and back over the 1hr ema .
Will be waiting for at least an hour after market open to then see what price action is doing before considering placing an entry order.
Just looking at the recent price action on EJ and we are starting to form a very nice corrective ascending channel. Will be looking for a clean drop out and continuation from this for a short term short trade.
As there is no clear Higher time frame structure to this will not look to call the top and only be interested in continuation trades on the drop out.
Now that we have a clean impulse breaking out of a descending corrective pattern i will be looking to take this trade long.
Will have to wait and see how this continuation forms over the next few hours.
The higher time frame structure on EU is still Showing us that we will likely have a big move to the down side coming. The next key area to be looking for this short will be back up at the DT. Ideal set up on this will be another 3 touch mini ascending at the key area, either the DT or at the bigger 3rd touch trend line.
There is however potential for a short...
Now that we have a clean impulse out of a very corrective ascending structure, I am looking for an entry on this continuation.
Need price to stay within the previous high and current low as it forms this counter trend move.
This small break out of structure can now potentially evolve into a simple fake out and price could now fall all the way back into the pattern.
Price has given us a very nice impulse out of a corrective ascending channel. This was forecast in a previous post.
All we need now is clean continuation within the previous high and current low and i will be entering this position with 2 trades one to manage aggressively and one to
hopefully hold for the larger move to the downside.