Tough market to trade this week, the level of manipulation is out of this world. Im very interested in trading this pair, what I would like to see is a confirmed close below the structure marked to be able to sell it. If we see price shoot to the upside, I will leave this trade untouched.
COT Data - 64% Lonf
Price has come down aggressively to test the previous resistance level, if we see a clear structure shift we could look for a potential long opportunity, I have marked the level that would need to be broken before I consider any position.
According to COT data source - 55% short
Price has now pulled back down into the previous key resistance level, We will be looking into the lower time frames to see if this level becomes support, so that we can look for potential long opportunities tomorrow.
Now that the resistance level has been successfully broken we can begin to look for buying opportunities from the re-test. I expect price to pullback into structure, show signs of rejection, then proceed to the level illustrated.
According to COT data source - 53.2% are long
I have been monitoring this pair for several weeks now and I feel like the time is ready for it to show some bearish activity. I have placed a sell limit at the price marked, I will look to enter this trade manually if I don't get the wick entry I am after.
Interesting analysis here, I would expect price want to continue up to the target area marked. Let's see if we get good entry confirmations at the start of the week, we may consider a buy trade on this pair.
Bullish on the pair but always wait for a confirmation before entering a trade. This is an analysis and projection - not a signal.
We have a red zone where price might range first.
A bit more neutral than bullish if I can say.