On HTF, we did make a lower low. Currently we have retraced the earlier drop and we are at a daily level. Be fluid - Watch break and retests of those yellow boxes for entry for scalps. There is plenty of clean room as the arrows suggest.
HTF is bearish. While, we're consolidating. The last 4 hour close is looking like bearish continuation. Green boxes will be where some scalps will make sense.
We did a 220 pips dump yesterday. So I'm thinking that there will be some retracement seen today. That said, we're still keeping a very clean daily, 4 hr bear trend. So be patient and wait for the right breakouts. For a start, we have a 1hr tf consolidation currently happening. Again, break and retest would be best for entries. Since, we're clearly bearish,...
Highlighted the consolidation on 1 hour levels. Looking for breakout of top or bottom levels for scalps as we move into London open. Ideal scenarios will be breaking the level and retesting them at least on 15 min tf for confirmations.
Based on HTF trend. It's likely that we will continue to try to create a lower low. And thus wick fill the left if we switch to a weekly timeframe. It's hard to tell how the candles will print but if we see push up and rejection of the yellow 4hr zone or the minor weekly zone (green line). Those are possible areas to take a short down.
HTF daily and 4 hr are bearish. That said the current 1 hr ltf is bullish. 152.2 is confluence of 4hr bear trend line and also a weak 1 hr resistance area. Rejection of this area at London open can give us a nice scalp down. We can also turn 152.2 into support, invalidate the 4 hr bear trend and have bullish continuation to 152.5 area.
1. We rejected the daily level yesterday, and respected the HTF bearish trendline 2. LTF 4h bullish trend has also been broken, but yet to fully invalidate the higher lows - sitting at 4hr support still 3. For sells, key are to watch is the breaking of the 4 hour support around 152.20 4. For buys, safer options might be above 152.90