Keeping a close eye on this 1;25 rr trade. already rejected the 61.8% fib perfectly.
Really like this set up again count the confluences. Inverted H&S 800ema 61.8% fib 4hr support Also Japan announced more stimulus package today further weakening the currency. However I think it has enough legs to get to where we need to enter
4 confluences: Double bottom Daily support 800ema bullish hammer candle 1hr
Daily is bullish, 4hr is bearish time to see which wins.
We're forming a bull flag. However, 1.40 will prove steep resistance to overcome.
Personally, even with the bullish ascending channel I'd prefer sells here. Think 15k was a good ATH for nas, doubled it's value since the beginning of Covid. Now, with the world doing well with vaccinations and less lockdowns, not sure I see it being sustainable above 15k.
Check out market structure. it's bullish and will continue to be bullish until the daily support is broken.. HH's and HL's.
Need to break 93.50 to go completely bullish but downside can also see a pullback however 38.2, 4hr support and 800ema provide great support.
Double bottom, 61.8% fib, 3rd touch from march 2020 crash. All bullish imo just a reaction to NFP the drop on Friday. Dont forget countries still pumping out QE.
PA is very bearish but there's no clear entry especially with the 800ema lurking.
can you see the H&S? let price action decide. No buys until above 2nd resistance.
Price action narrowing as market takes a breather.
^ Short term wedge forming on the 1hr TF but expect to see the 4hr support tested
Bit clearer on the daily but utilising 4hr to show you where the trend changed. Now PA is going LL's LH's, as long as 61.8% holds here, looking at the completion of the H&S to the neckline for good sells.