Structure was bearish on 4h until break above most recent lower high, potentiating a shift of sentiment from bearish to bullish, awaiting 2nd push for HH to confirm new trend direction as to avoid consolidation before looking long, Targets at daily level
M - strong selling pressure at monthly resistance W - indecision at monthly resistance, noone is in control D - Bearish engulfing candle cose showing sellers taking control of market, followed by bullish rejection candle indicating indecision 4H - looking for a break on consolidation with conviction to show whos in control before we ride the wave
distribution has ended. markdown has begun. expecting retracement of daily momentum candle to 0.5 fib which is cofluent with broken level before looking for confirmation short
Approaching weekly resistance, with reduced momentum in a down market, expect to push higher into (w)resistance before looking short, look for violation of structure, be mindful of confluence.
Follow up to previous post. multiple fibonacci confluences lead me to believe that price may retrace to "level of daily confluence" before possibly moving lower.
last week Price retraced to 50% of prior weeks Bearish engulfing candle. Trend is predominantly down...lower timeframe shows potential bullish opportunities. expecting consolidation( a standoff between short term bulls and long term bears) before a move lower
After a break above structure on Lower (1H) TF resulting in a bullish engulfing on the Daily TF, im expecting exhaustion to the psychological 1.13800 area where i will be waiting for bullish confirmation on a lower TF to enter long