Testing a new strategy here, looking more at the time of day that a move occurs.
Here, price moved below an equal low during London Open and formed a doji reversal candle.
Looking for price to reach up to yesterday's high.
Price has been trending downwards since the start of August. The move down last week took out a previous low, continuing bearish market structure. At the end of last week there was a retracement to the 0.295 fib level and rejection from it.
I'm looking for price to continue lower, aiming for a move down to the 21st July low of around 1.537.
Another short setup has presented itself. After the impulse move down seen last week, we have seen a corrective move upwards. There was also a retest the descending trendline.
Adding a fib to the impulse move down shows the extension targets, i'm looking for the equal lows from mid July.
Similar to the long idea last week. Price broke above the long term descending trendline, retraced to the 1.724 zone shown. Today price broke above the corrective structure shown, however I will look for a retrace on the 4H time frame to the 1.746 - 1.747 zone before entering long.
Price broke below the ascending trendline started in August. Today we saw a retest of this trendline and break below the corrective structure that has formed. Fib extension targets shown which line up with the 0.675 low.
There was a bearish impulse this week, falling straight through previous S/R levels. Price has corrected back to the upside with a series of higher highs and higher lows.
Price broke below the ascending support trendline, looking to target the previous S/R level seen in mid July.