13/10/19 -18/10/19
Hope We all enjoying the weekend.
In terms of the week that was, Price traded within the range of the previous weekly bullish hammer pattern, an attempted break above saw prices capped at the 1517 handle which is close to the top of the bullish hammer and also coincided with our first weekly level..., Price is back retesting the lows of the pattern that formed two weeks back.
This consolidation has got us confined within the 1459.1 -1519.64 range, and as such our Daily chart is neutral, H4, neutral with a bearish bias. and H1 currently bearish....Although our zones are clearly defined, it becomes important to note price action and chart patterns near the range low and range high(Eg, Higher High setups, Head and Shoulder patterns etc)in conjunction with our weekly and intra day levels.
Outlook for the next couple of sessions is that price will continue trading within this downward channel that seems to be forming a possible bullish flag before catching a bid again at or near the weekly buy zone, but we follow price action on an intra day bases and look to move in the path of least resistance......Daily Rsi is still pointing us lower while the weekly Stochs are beginning to point higher so lets trade with patience and wait for our levels and zones....
As things Stand
H1: Sell Zone:1487.81 - 1491.46
H4: Sell Zone:1494.52 - 1497.17
D:Neutral.
Weekly Levels
Upside
1535.95
1519.53
1511.99
1509.39
1492.97
Downside
1476.55
1469.01
1466.41
1449.99
1426.03
Will post the intra day levels for Monday Shorty after Market open....
Trade Safe
Hope We all enjoying the weekend.
In terms of the week that was, Price traded within the range of the previous weekly bullish hammer pattern, an attempted break above saw prices capped at the 1517 handle which is close to the top of the bullish hammer and also coincided with our first weekly level..., Price is back retesting the lows of the pattern that formed two weeks back.
This consolidation has got us confined within the 1459.1 -1519.64 range, and as such our Daily chart is neutral, H4, neutral with a bearish bias. and H1 currently bearish....Although our zones are clearly defined, it becomes important to note price action and chart patterns near the range low and range high(Eg, Higher High setups, Head and Shoulder patterns etc)in conjunction with our weekly and intra day levels.
Outlook for the next couple of sessions is that price will continue trading within this downward channel that seems to be forming a possible bullish flag before catching a bid again at or near the weekly buy zone, but we follow price action on an intra day bases and look to move in the path of least resistance......Daily Rsi is still pointing us lower while the weekly Stochs are beginning to point higher so lets trade with patience and wait for our levels and zones....
As things Stand
H1: Sell Zone:1487.81 - 1491.46
H4: Sell Zone:1494.52 - 1497.17
D:Neutral.
Weekly Levels
Upside
1535.95
1519.53
1511.99
1509.39
1492.97
Downside
1476.55
1469.01
1466.41
1449.99
1426.03
Will post the intra day levels for Monday Shorty after Market open....
Trade Safe
Attached Image(s) (click to enlarge)
4&1 All Time Profit:
$37,496
3
