However, and this is what kicks us in our asses sometimes. This chart says the trend is down. And if you use that hourly trend as I just suggested you may have a problem. Because a cross of that most recent hourly pivot puts you into the 4hour supply which has a really good chance of running over any nearby demand. The 4h is the major and the 1h is the minor trend and in this case could end uploading you holding the bag.
Trade carefully.
JamesPowell
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The hourly trend is up and there is supply above. I would need a cross and re cross of the recent high and then some recognizable demand to enter long since the recent opportunity has passed.
TheShakeOut
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Nice analysis. There was demand taking over the market yesterday above 1.0570 and there is no signs that it has disappeared yet so we should expect activity around these levels. If we have signs of strength in the next hours above 1.0570 it is likely that the market will go for new highs above 1.0740.
Good luck!
As long as the hourly and smaller continue to present you with demand opportunities you can play them just mind you the larger tf's show signs of supply. Notice I adjusted the lines on this chart and I may have them the wrong color I'm not sure. Also there is a supply above I didn't put lines on but there is an arrow pointing it out.
JamesPowell
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Please add a comment… Positive feedback and constructive criticism are important to authors and the community.
However, and this is what kicks us in our asses sometimes. This chart says the trend is down. And if you use that hourly trend as I just suggested you may have a problem. Because a cross of that most recent hourly pivot puts you into the 4hour supply which has a really good chance of running over any nearby demand. The 4h is the major and the 1h is the minor trend and in this case could end uploading you holding the bag.
Trade carefully.