Overall bias on this pair was always bearish since last week. I was awaiting a pullback to take this pair even lover. We got a pullback to the 38.2% retracement on the 2 hour timeframe and combined that with the M.A's still remaining bearish w/ the area between my two MA's acting as dynamic resistance. To add we got even more confirmation from the hanging man / 3...
Overall, we're still in an overall bearish trend on the daily w/ yesterday spiking higher but still managing to close below the 61.8% retrace as well as daily resistance. Double top formation on H4 right off the 61.8% retrace w/ 3 pin pattern formed on the 2 hour. 1:3.2 R:R w/ target set at 1.7400
Overall bearish based off higher TF's. A ton of confirmation for this trade starting off w/ price on the 8 Hour and more so the 4 Hour respecting the 8 EMA to the T w/ multiple rejections and failed attempts to push higher. The shooting star, 3 pin pattern on the 4 hour, coupled w/ the bearish engulfing on the 2 hour w/ a double top and the TL break and MA cross...
Long term definitely short but I think this pair has some more bullish movement in it before re aligning with the Daily
Coming into the week I already expected bullish movement just awaiting an opportunity. W/ the 8 hour and the 4 hour giving us a bullish engulfing and a morning star, I believe there's enough buyers to push this pair higher. As well as a B.O.S on the 2 hour w/ M.A's crossing + a 3 pin pattern confirming a possible HL. 1:1.6 R:R
Most recent bullish engulfing lets us know there's more buyers than sellers in the market currently. We've been trading between about $67 and $70 and that could possibly continue until the market makes its mind up. Overall bullish pair w/ M.A's up on the Monthly and Weekly and a potential cross to the upside could be in the works. 8 hour 3 pin pattern w/ 8EMA...
Despite higher TF's being bullish, I think we can see some bearish movement. The Daily MA's are down w/ PA on the Weekly from last weeks close and the two highlighted points on the Daily being more evidence. Looks like we just got a retest at the end of last week w/ the bullish engulfing showing buyers exhaustion and the hanging man which could lead us lower to...
Series if LH's coupled w/ MA's being crossed bearish, as well as 8EMA being respected the whole time. Last week we got a break of the Weekly trendline closing as a shooting star.
Series of LH's combined w/ a break of Weekly trendline w/ shooting star close could only mean we"re headed for a new LL in the near future.
W/ the previous formations of LH's we can expect a new LL to be formed. Aiming for that LL to be formed around Weekly key level support 142.50. Last week closed as a shooting star so definitely expecting that LL to come in sooner rather than later. Obviously eyeing pullbacks for short short positions this week.
Overall bearish trend on the Daily. Rejection at Daily resistance seen on the 8 hour TF w/ 4 doji's all spiking up and through Daily resistance but failing to close above. M.A's on 8 hour still crossed bearish as well as a 38.2% retrace. H4 bearish structure still in tact w/ a double top right off Daily resistance, as well as a nice bearish engulfing that closed...
Completion of Daily 3 pin pattern last week finishing w/ huge bullish engulfing over 8 EMA, playing along nicely w/ the weekly sellers exhaustion we've been seeing. Since the beginning of the week price has held above the 8 EMA w/ yesterday closing a long legged doji. 8 hour structure pretty clear w/ break and retest at 38.2% w/ consolidation. Also, an 8 hour CTL...
Daily consolidated within a range as you can see based off the M.A's. Last week we had a tweezer bottom off daily support along w/ a bullish engulfing over monthly key level + 8 EMA. All this goes along w/ the 5 previous weeks of sellers exhaustion at our monthly key level. Showing sellers exhaustion on the 8, 4 and 2 hour TF. W/ the 1 hour pulling back to a 61.8%...
Weekly sellers exhaustion around Daily support to close last week, which completed a 3 pin pattern on the Daily timeframe. Despite M.A's on Weekly and Daily being crossed bearish, that sellers exhaustion and 3 pin pattern seen could be a higher low printed. 8 hour M.A break with strong bullish candle. 4 hour M.A's crossed bullish with bullish engulfing candle...
W/ the Weekly printing the way it did I knew we could see some pullbacks before going higher. Daily came through w/ a shooting star and today that turned into a 3 pin pattern right off Daily resistance. M.A's already crossed on lower T.F's along w/ structure breaks and some buyer's exhaustion. 1:1 R:R
Daily M.A's crossed bearish w/ Tweezer Top candlestick formation off Daily resistance, 38.2% retrace and close back below Daily support (now resistance) and 8EMA. 8 hour Bearish Engulfing close below 8 EMA signaling a Lower High relative to previous High. H4 retested Daily resistance and closed as a Shooting Star. 2 hour Bearish Engulfing. H2 and H4 M.A's are...