After setting the low yesterday and breaking the 4 hour lower highs, we have had a slow overnight session with the bulls maintaining EMA 12 and 26 support on the hourly, keeping the bounce going.
The 4 hour chart has still not had much consolidation since the bounce began, which has me cautious of entering any bullish positions in the current setup.
I am also looking for a daily lower high to be set today or tomorrow which is another reason I am not rushing into any re-entries.
Lose hourly higher lows and we will look for a 4 hour higher low to form.
Patience for those less comfortable, wait for the daily range to break.
The 4 hour chart has still not had much consolidation since the bounce began, which has me cautious of entering any bullish positions in the current setup.
I am also looking for a daily lower high to be set today or tomorrow which is another reason I am not rushing into any re-entries.
Lose hourly higher lows and we will look for a 4 hour higher low to form.
Patience for those less comfortable, wait for the daily range to break.
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