Disliked29/10/2019 Morning Traders, As things stand, price got a rejection off of that right hand shoulder from the HnS pattern we identified and traded off Yesterday , the target has been reached and price has been consolidating after it found support from one of our key downside levels for Monday. The daily close above 1490 keeps us within the pre breakout range with key targets to the top and bottom being around 1495 and 1485 respectively. H4 is yet to flip bearish and as such looking for a brief rally towards the 95 handle before pushing lower as the...Ignored
Morning Traders, Yesterdays price action worked out accordingly to our plan, that is, sell the H1 sell zone, get a couple of pips, and the moment we realized a base had been formed near the first downside level, we moved to selling the H4 sell zone, price consolidated abit around the H4 sell zone before giving us the drop lower however the divergence on the lower time frames allowed us to take advantage of the H4 sell zone. The daily close back above the 1485 handle and near the 1485 handle puts us back at the top of our interim range that was also Pointed out by Golden Girl(Thanks).
However price closing back above the 95 handle and also above our M15,H1 and H4 EMA's, exposes us to revisit the 1500 and 1503.78 mark....we would need to see the H1 become bullish and so too the H4.... Its worth noting any bull action should be traded with proper risk and money management as the D1 chart is still bearish even though the intra day moves may move up and down and also the H4 HnS structure remains valid so long as the shoulder level retains its shape/structure, at the moment the current rally is more a retest if that shoulder level.....we did mention that the longer time frame structures tend to take longer to play out and as such we will gladly take advantage of the moves inbetween them while we wait for them to materialize
As things stand
H1 Bullish: Buy Zone: 1495.41 - 1493.89
H4 Neutral
D1: Bearish to Neutral:
Intraday Levels
Upside
1516.39(Extension)
1510.60
1506.51
1503.81
1501
Downside
1495.28
1493.92
1490.74
1485.61
1482.61
1475.73
H1 Chart, stoch beginning to point lower, as such looking for dips towards the H1 Buy Zone and look long, will be even better if London Bought on as it would further validate the bias for the second session of the day leading into the NY session....
Trade safe
Posted images and charts on the other side...
4&1 All Time Profit:
$37,496
1