Price is now approaching a potential key inflection point and starting to form a nice descending reversal structure.
We can see on the Daily time frame that we have formed a clear descending structure with 3 key touches, which is also lining up with a 3rd touch from another key trend line .
The last move down inside the descending structure has been impulsive on the daily however when we drop to the 1 hr time frame we can see that the move down has actually been rather corrective
and is now forming a nice descending channel into the multiple third touch and support zone .
This pattern is not clean enough for me to try and call the bottom on it just yet as we could easily keep trickling and just keep evolving the structure as we go resulting in
multiple tag in and out losses before the move up.
A clean impulse up out of the mini ascending channel followed by a clean counter trend move will be what im looking for this week to take an entry long.
We can see on the Daily time frame that we have formed a clear descending structure with 3 key touches, which is also lining up with a 3rd touch from another key trend line .
The last move down inside the descending structure has been impulsive on the daily however when we drop to the 1 hr time frame we can see that the move down has actually been rather corrective
and is now forming a nice descending channel into the multiple third touch and support zone .
This pattern is not clean enough for me to try and call the bottom on it just yet as we could easily keep trickling and just keep evolving the structure as we go resulting in
multiple tag in and out losses before the move up.
A clean impulse up out of the mini ascending channel followed by a clean counter trend move will be what im looking for this week to take an entry long.
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WEBSITE
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Telegram
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youtu.be/7kA0RozUQTU
WEBSITE
empirefx.com.au/
instagram.com/empirefx_official/
Telegram
t.me/Empir3_FX
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
FREE Youtube Foundation series
youtu.be/7kA0RozUQTU
WEBSITE
empirefx.com.au/
INSTAGRAM
instagram.com/empirefx_official/
Telegram
t.me/Empir3_FX
youtu.be/7kA0RozUQTU
WEBSITE
empirefx.com.au/
instagram.com/empirefx_official/
Telegram
t.me/Empir3_FX
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.