Now, going by the structure presented on the , there’s not a whole lot stopping the piece extending recent gains up to as far north as the weekly coming in at 1337.3. Contrary to this, however, daily action is faced with a plotted at 1334.3-1323.3.
The question then, as we see it, is, are you willing to sell the H4 formation knowing that it is backed by a daily , but against potential weekly flow?
Under such situations as these, we generally see two options. The first is to simply pass on the setup. The second is instead of placing pending sell order at the H4 sell zone, wait for H4 price to connect and prove seller intent. What we mean by seller intent is simply a full or near-full-bodied H4 candle. Of course, this will not guarantee a winning trade, but what it will do is give one an indication as to who’s active.
Areas worthy of attention:
Resistances: 1337.3; 1334.3-1323.3: 1331.6/1325.4.