On the daily timeframe, we can see that the price is currently in a channel pattern. That means, that we are either expecting it to move inside the channel and can identify the bounces from the upper and lower or we wait for fort he breakout. In this instance, we do believe, that the next breakout should be bearish, as the price is almost at the previous high, and does not have enough momentum to create a new higher high. Before we place a trade, we are waiting for the initial breakout and then for a confirmation of the breakout.
On the lower four hour chart we do not see any aditional opportunities right now. We are looking for the price to do the same thing that we are looking for on the daily timeframe.
Feel free to pick up a copy of our Free Weekly Market Outlook here:
mailchi.mp/bc78576d6...eweeklymarketoutlook
We wish you good luck with your trading!
On the lower four hour chart we do not see any aditional opportunities right now. We are looking for the price to do the same thing that we are looking for on the daily timeframe.
Feel free to pick up a copy of our Free Weekly Market Outlook here:
mailchi.mp/bc78576d6...eweeklymarketoutlook
We wish you good luck with your trading!