This pair is approaching a psychological resistance level in the form of a rising wedge We have now broken out of this rising wedge and broken market structure Looking for a lower high to form if price manages to pullback Looking at long term sells taking short term positions along the way
We will need to see price impulse to the upside breaking structure as we are still trading within a downtrend making lower lows and lower highs in bearish market structure This impulse will confirm the double bottom giving a higher high and breaking structure
Waiting for a bearish impulsive move to the downside to give confirmation of a shift in market structure Right now we are still trading within an ascending channel The impulse will give us our directional bias to start looking for sell positions
Looking for price to retest the neckline of the head and shoulders
Distribution phase/double top in the market followed by bearish impulse to the downside Uptrend and bullish market structure has been broken Possible head & shoulders forming
Continue with the trend Waiting for a corrective structure to form
USDCHF short term down to right shoulder of inverse H&S right shoulder
Confluences - Price formed a rising wedge however at the third touch where we saw a 4hour evening star we failed to continue with bearish momentum - Bullish market structure has been broken with this impulse to the downside - Already forming lower lows and lower highs on the 1hour
Confluences - Higher timeframe head&shoulders pattern where we have already broken and retested the neckline so we know that sellers are in control of this market - 4hour we made a double top on the retest of the neckline and then saw an impulse to the downside - Looking like we have made an impulse to the downside and are now correcting for a continuation to the downside
- I would like to see a bit more confirmation on this pair to wipe out interest from buyers - We are still very bullish and could be trying to approach higher levels as seen on the higher timeframes - I will be waiting for a break of the trendline which will also create a new lower low in the market - we will then look for the pullback to make a lower high and a...
Confluences - Over extended market due a reversal - Double top at psychological level of 0.99 which is our early signs of sellers stepping into the market - If you do look left of the chart you can previous price action at the same level where sellers stepped in Confirmation - It is still early doors with this trade as we would need that confirmation of an...
Confluences: -Buying momentum seems to be slowing down and we are making a rising wedge pattern -Very over extended bullish market - We have found resistance and seen potential manipulation on the 15min timeframe which grabbed liquidity above that level
Confluences - Break out of rising wedge - Break of bullish market structure forming a lower low in the market - Evening star on the daily timeframe - Elliot impulse wave to the upside has been completed now we are looking at the reversal
Confluences - Price has had an impulsive move to the downside breaking through a double bottom and a psychological level of 1.6 which has previously been well respected - Head and shoulders pattern where we have now broken through the neckline - Previous strong bearish weekly and monthly candles so we are aware that sellers are in control on the higher...
rising wedge formation Retest of the 78.6 fib level Third touch of the trendline One more push to the upside before looking to go short
Confluences - Impulse away from third touch of ascending channel - Strong weekly bearish engulfing candle followed by smaller bullish candle - Slow down in momentum as we was approaching the channel shown by the dojijs on the daily timeframe and ranging market structure on the lower timeframes - Triple top followed by impulse
GBPJPY possible shorts if we get our entry requirements around this pullback