Hey Guys!
I'm still waiting for a pullback to 1.3313 and perhaps even further with the stop loss at 1.3163 and the main target at 1.3748 for a Long Entry.
Like I mentioned in my previous post, there were no signs of long strength on the price rise up on the left side of the chart, thus as expected, we got a small pullback down. (Remember! Just because price goes up, it doesn't mean there
is long strength in the market) .
Moreover, there were 2 areas in recent price shown on the chart that created extreme short strength, so although price rose, there's still a little bit of short strength left in the pair for the time being. (Great! I want that pullback to 1.3313!)
At the current moment, in order to confirm more short strength, I want price to reach the 4h pivot low shown on the chart. With the idea being, if the upward trendline break out and immediate break back, which shows long strength
can be stopped out at the pivot low, that will tell me short strength was able to override that long strength = extreme short term short strength.
So this week I'll just be watching if that 4h pivot low is reached so we can get a pullback down to the entry level at 1.3313. Ok! That's it!
I'll keep you guys updated!
Have a great week!
Ken
Disclaimer: This is not Personal Financial Advice.
I'm still waiting for a pullback to 1.3313 and perhaps even further with the stop loss at 1.3163 and the main target at 1.3748 for a Long Entry.
Like I mentioned in my previous post, there were no signs of long strength on the price rise up on the left side of the chart, thus as expected, we got a small pullback down. (Remember! Just because price goes up, it doesn't mean there
is long strength in the market) .
Moreover, there were 2 areas in recent price shown on the chart that created extreme short strength, so although price rose, there's still a little bit of short strength left in the pair for the time being. (Great! I want that pullback to 1.3313!)
At the current moment, in order to confirm more short strength, I want price to reach the 4h pivot low shown on the chart. With the idea being, if the upward trendline break out and immediate break back, which shows long strength
can be stopped out at the pivot low, that will tell me short strength was able to override that long strength = extreme short term short strength.
So this week I'll just be watching if that 4h pivot low is reached so we can get a pullback down to the entry level at 1.3313. Ok! That's it!
I'll keep you guys updated!
Have a great week!
Ken
Disclaimer: This is not Personal Financial Advice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.