Im following price action, if price closes above 78.89 during New York Session I will be placing my buy targeting the previous highs.
Price action is coming from an impulsive leg ,we then got a correction which has rejected on the second top of the bear flag my entry is placed with my stops above the bear flag.
I see a bull market what you see?
Ascending channel within a bearish flag pattern...high probability set up!
Market Structure expectation..an impulse lower towards daily channel support.
Price has been trading in nice 2 impulse moves wave 1 wave 2 along with 2 corrective waves 2-4..with this information we already know we looking to buy the 4th wave all the way up towards wave 5...wave 4 tends to lag out of all the corrective waves so patience is vital...stop loss is placed below the 78.2 fib given enough space for price to move.
Market Structure failure to produce higher highs...lower highs & lower lows is what we currently looking at awaiting exhaustion to end prior going short.
Price has been trading within this major uptrend we noticed that price has bounced off of our ascending trendline along with our channel support line which is our area of confluence on the 4h we got a morning star pattern my order has been triggered.