- Price has broken out the ascending channel and the 4hr hour trend line.
- Market structure has also altered, as price has now created a higher high suggesting buyers have more power in the market than sellers.
- The change in market structure has occurred at monthly support suggesting a move back to the upside.
- Furthermore the change in market structure has also created a reversal pattern, creating an inverted head and shoulders ( which occurs at the end of a downtrend). This gives further confluence that price will move further to the upside and that the bulls are now in control.
- I am waiting for a further pullback to the 0.6965 region marked by the red zone, and will be waiting for price action confirmation to confirm a buy.
Fairly simple I believe
Do let me know your thoughts and questions
Thanks
Nath
- Market structure has also altered, as price has now created a higher high suggesting buyers have more power in the market than sellers.
- The change in market structure has occurred at monthly support suggesting a move back to the upside.
- Furthermore the change in market structure has also created a reversal pattern, creating an inverted head and shoulders ( which occurs at the end of a downtrend). This gives further confluence that price will move further to the upside and that the bulls are now in control.
- I am waiting for a further pullback to the 0.6965 region marked by the red zone, and will be waiting for price action confirmation to confirm a buy.
Fairly simple I believe
Do let me know your thoughts and questions
Thanks
Nath