Short Term Bullishness for Long Term Bearishness
Updated
On this pair, we see that all of the larger timeframes of the monthly, weekly and daily charts are bearish. But on the 4 hour and 1 hour charts, we notice that the charts are bullish.
We are of the opinion, according to our chart analysis, that the bullishness of the 1 and 4 hour charts is intended to drive prices into the reversal zone of the daily chart. As you can see from our chart, price is now only a few pips away from hitting the zone.
We anticipate that when price hits the daily zone, it will begin to reverse bearish and head in the direction of the daily liquidity target. From that piont, we expect the reversal to translate into bearish swings on the 1 hour and 4 hour charts.
We will wait for this perspective to play out. While waiting, we will stand on the sidelines and do nothing. Patience is a major skill in trading.
We are of the opinion, according to our chart analysis, that the bullishness of the 1 and 4 hour charts is intended to drive prices into the reversal zone of the daily chart. As you can see from our chart, price is now only a few pips away from hitting the zone.
We anticipate that when price hits the daily zone, it will begin to reverse bearish and head in the direction of the daily liquidity target. From that piont, we expect the reversal to translate into bearish swings on the 1 hour and 4 hour charts.
We will wait for this perspective to play out. While waiting, we will stand on the sidelines and do nothing. Patience is a major skill in trading.
Note
UpdateWe see prices rallying. Prices are expected to soar higher to go deeper into the daily zone, adn from there we will expect a reversal.
Note
Chart UpdateThe pair has continued to make progress in line with our analysis.
On the 1 hour, we see prices soaring and rallying towards our liquidity target. The rally is in place and the bulls are pushig prices to the north.
We will hold on to our bullish position and allow the market to do its thing.
Stay tuned guys...!
Note
Hey Guys...!The market has continued to 505 of the daily zone, just as we anticipated.
Market is currently in an up swing on the 1 hour with a bullish PB on extension.
We have 2 options:
1. Price may rally to hit the 1 hour liquidity and that will make the end of this swing.
2. Market may dip and drive prices back into our zone. If this happens, we will have another shot at entering a LONG position on this pair.
Which one do you think is more likely guys...?
Drop your perspective in the comment section please
Trade active
The Numbers just keep ADDING UP...!We are still milking this pair like a dairy cow. lol.
Price is moving in my direction. Even though liquidity target has been hit, market still looks like it is targeting higher prices, and has not show signs of reversal yet. SO I am still holding on to my position.
Currently holding on to 2 positions on this pair. I missed the 3rd. But you know what, I am patiently waiting for the next guys...
Note
Who would believe we caught and closed a 1-20 trade in this small tiny window...?
Our trade setup played out and we caught the move nice and easy. Nipped in the bud...
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.