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USDCHF 01.29.19 #FOREX Monthly 3 Month candle printed a long wick showing buyers' exhaustion and liquidity capture. August's monthly candle closed beneath previous support, capturing sellers at the low, we waited for a pullback and now we wait for smaller time frames to confirm our long term selling bias. Weekly 1.0050 - 1.0125 is a "liquidity pool." Enough buyers were induced for the market to finally melt. We had a bearish engulfing candle, signaling a price drop. Price close beneath support (.9850), followed by a pullback which led to last week's inside bar. Now we continue to smaller time frames to solidify a clean entry. Daily Rejection of Daily Disturbance Zone (liquidity capture) Bearish engulfing candle followed by a retracement and another bearish engulfing candle. Lots of bearish momentum. Daily bearish close beneath support (0.9930), pullback follows and we dive deeper sub Daily timeframe candles. 4 Hour Break below consolidation/support @ 0.9950, now we are retesting previous support, relative resistance. Currently rejecting 4H Disturbance Key Level. Recent 4H candles are bullish, lets wait for momentum to start to shift along with 1H. 1 Hour Back to back doji candles, buyers losing momentum. Rejecting 61.8% Fib Level. Approaching bearish trendline. Would need to see wicks go beyond resistance to accumulate more buyers, then price to close back into the range. Bearish reversal candlestick patterns our final confirmation on this time frame. 15 Minute Consolidating between 0.9940 - 0.9955 A close beneath the micro support (0.9940) on 15 Minute/1 Hour, followed by a pullback and bearish candlestick pattern would confirm a sell. Price could rapidly shoot up near relative resistance to accumulate buy orders then show exhaustion on 1H/4H timeframe. Sells following liquidity capture would be key. Rejecting 71% Fib Level.
by IAmTheDisciplinedTrader
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