Price direction on a Quarter chart is down, as new lower low and lower high appeared (Price direction is not the same as a trend direction)
Last quarter's close is above 5MA what gives a bit more power to bullish signals
We have a bearish chart pattern (Quarter)
Divergence on a Quarter chart with a current oscillator confirms the reversal pattern, what gives support to momentum traders, and can possibly give a momentum to the price movement.
Price is currently at 76.4% Fibonacci retracement area
in a relation to previous swing Down
Will look for a bearish long-term entry setup (based on Quarter chart, using lower leverage and wider stops, this type of trade will be left open for up to a quarter) at around 120.500
Currently none of the major chart patterns appears on weekly chart
Will look for a bearish short term entry setup (based on weekly chart, this type of trade will be left open for a few days) at around 120.75
On a 1D chart we have a bearish chart pattern
Price is currently at 50% Fibonacci retracement area (Filtered to 1D timeframe)
in a relation to previous swing Down
Will look for a bearish short term entry setup (based on 1D chart, trade will be left for Hours, but position will be closed in parts and using a trailing technique, will try leave it open for a maximum period possible) at around 120.75
In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, I will be looking for a selling opportunities coming week.
"P.S.: Sometimes you can see opposite opinions in my analysis. Please don’t rush to complain. It is happening due to a different timeframe analysis. As an example - If I have a buy signal on a quarter chart (3m), it doesn’t mean I have no selling opportunities on a Daily chart or on a 1H chart."
Last quarter's close is above 5MA what gives a bit more power to bullish signals
We have a bearish chart pattern (Quarter)
Divergence on a Quarter chart with a current oscillator confirms the reversal pattern, what gives support to momentum traders, and can possibly give a momentum to the price movement.
Price is currently at 76.4% Fibonacci retracement area
in a relation to previous swing Down
Will look for a bearish long-term entry setup (based on Quarter chart, using lower leverage and wider stops, this type of trade will be left open for up to a quarter) at around 120.500
Currently none of the major chart patterns appears on weekly chart
Will look for a bearish short term entry setup (based on weekly chart, this type of trade will be left open for a few days) at around 120.75
On a 1D chart we have a bearish chart pattern
Price is currently at 50% Fibonacci retracement area (Filtered to 1D timeframe)
in a relation to previous swing Down
Will look for a bearish short term entry setup (based on 1D chart, trade will be left for Hours, but position will be closed in parts and using a trailing technique, will try leave it open for a maximum period possible) at around 120.75
In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, I will be looking for a selling opportunities coming week.
"P.S.: Sometimes you can see opposite opinions in my analysis. Please don’t rush to complain. It is happening due to a different timeframe analysis. As an example - If I have a buy signal on a quarter chart (3m), it doesn’t mean I have no selling opportunities on a Daily chart or on a 1H chart."
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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.
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.