With a spinning top as the weekly low, micro bottom bollinger bottom and as price hadn’t broken below the primary swing. We actually been in a range price is moving sideways thus we could be breaking lower and setup up for a reversal or a continuation in the main trend which is bullish not bearish! We are making higher high and lows on the monthly.
But currently we a have inverted head n shoulder this is hidden as the real ones are with the upper necktie formed from what looks like an bearish exhaustive candle that is connected to a bullish 3 line
As price made an bearish orderblock slightly above in which the big impulse move up triggered that I can only think that there is something bigger in play here over a mere continuation of a downtrend . Yet this triggered as hadn’t dropped prices I see the market is going there from the inverted in which there is liquidity and a yearly missed pivot within the range box.
Also what I’d seen from experience as I’d left many holding trades is when we have a range market that breaks price out in a direction and that breakout end in another range soon after that contradicts the first range usually is a corrective process as corrections are a process. As something similarly is happen on many pairs we seen this move on gbpnzd a pair I’d left months ago do to the range there at the low if you look at the monthly it’s looks like a hs but the selling right shoulder give funny vibes as it broke out but ending in a range that is retesting the higher range.
Anyway From the monthly high the bullish breakout candle held its .6 ideally I like a 50 but expansion the .6 we get an 1.6 at the current impulse breakout adding the pip distance of the monthly bo reflect it we get a hit at 1500 where there is bullish demand located and since we are close it also hard not to see price retrace there as the first bullish impulse is the 1.6 and the 1500 price level will be the measured move of the monthly breakout
Projection the points price may make a mountain double bottom from the first impulse and from the 1500 price level.
I’ll be watch this pair very closely this year as I’ll avoid all the noise and place myself in the main direction
But currently we a have inverted head n shoulder this is hidden as the real ones are with the upper necktie formed from what looks like an bearish exhaustive candle that is connected to a bullish 3 line
As price made an bearish orderblock slightly above in which the big impulse move up triggered that I can only think that there is something bigger in play here over a mere continuation of a downtrend . Yet this triggered as hadn’t dropped prices I see the market is going there from the inverted in which there is liquidity and a yearly missed pivot within the range box.
Also what I’d seen from experience as I’d left many holding trades is when we have a range market that breaks price out in a direction and that breakout end in another range soon after that contradicts the first range usually is a corrective process as corrections are a process. As something similarly is happen on many pairs we seen this move on gbpnzd a pair I’d left months ago do to the range there at the low if you look at the monthly it’s looks like a hs but the selling right shoulder give funny vibes as it broke out but ending in a range that is retesting the higher range.
Anyway From the monthly high the bullish breakout candle held its .6 ideally I like a 50 but expansion the .6 we get an 1.6 at the current impulse breakout adding the pip distance of the monthly bo reflect it we get a hit at 1500 where there is bullish demand located and since we are close it also hard not to see price retrace there as the first bullish impulse is the 1.6 and the 1500 price level will be the measured move of the monthly breakout
Projection the points price may make a mountain double bottom from the first impulse and from the 1500 price level.
I’ll be watch this pair very closely this year as I’ll avoid all the noise and place myself in the main direction
