Price is in a clear downtrend, therefore we want to look for sell positions. Price was previously is a pull phase where the bulls were trying to bring price up. However, we are starting to see bullish depletion which gives scope for the bears to take back control.
Price has broken our bearish trend (down trend) which is evident by the change in market direction with our lower highs and lower lows being violated. We can now see price coming back to this area to retest it. This should provide us with a nice entry to the BUY.
Price has been in a clear bullish run for some time. On the HTF we can see price reach an area of large resistance - therefore we have been watching for a shift of momentum and the bears to try and take control since we know that they have been historically active in this area. On the 15 Min chart, we can see numerous rejections of the area and a double top formed...
Price made a bullish double top before making a move to the upside and breaking bearish structure. Therefore, I will be looking for Sell positions. On the 15 min we have found an intermediate area of support and entered into a long position.
After the bulls took control during the New York trading session, we are witnessing price coming back to test an area of support. If we are indeed in a new uptrend then price should hold at this level before continuing on its bullish journey.
After seeing repeated rejection, it appears that EC could make another move to the downside. As stated last week, we are in a severe bearish trend so we will only be looking for short opportunities. Once the trend breaks we will then switch to longs. Remember: The trend is your friend until it bends. :)
Price has been in a clear bearish trend. On the 4H timeframe we have made a clear pullback to the latest area of structure and resistance. At this point we can expect price to continue in this bearish trend by continuing its move to the downside.