*FROM THE MONTHLY TIME FRAME WE HAVE THE FORMATION OF A W THAT HAS THE POSSIBILITY OF REACHING RESISTANCE LEVEL 1.27547 SHORT TERM AND 1.32095 LONG TERM
* FROM THE WEEKLY TIME FRAME PRICE HAS COMPLETED THE FORMATION OF THE W PATTERN AND WHILE IT HAS POTENTIAL TO PUSH TO 1.27547 IT IS CURRENTLY AT A LEVEL OF RESISTANCE THAT WAS PREVIOUSLY RESPECTED(1.26266). LET'S SEE IF IT CONTINUES TO RESPECT THIS LEVEL
*AS WE SCALE DOWN TO THE DAILY WE CAN SEE THAT PRICE HAS GIVEN US AN INVERTED HAMMER FOLLOWED BY A BULLISH SPINNING TOP.
* ON THE 4 HOUR AND 1 HOUR TIME FRAME WE CAN SEE THAT PRICE HAS CREATED A DOUBLE TOP AND MIGHT BE READY TO START A DOWN TREND.
TRADE IDEAS
1. WITH THE FORMATION OF THE DOUBLE TOP PRICE WILL BEGIN FALLING. POSSIBLE TP LEVELS INCLUDE TP-1: 1.25373, TP-2: 1.24362, TP-3: 1.23410, AND TP-4: 1.22789.
2. PRICE MAY NOT HAVE ENOUGH MOMENTUM TO BEGIN A DOWNSTREND AND MAY PUSH UPWARD TO 1.27547.
3. WITH THE FORMATION OF A WEDGE. THERE IS A POSSIBILITY FOR CONSOLIDATION BEFORE WE SEE ANY TYPE OF BREAK.
* FROM THE WEEKLY TIME FRAME PRICE HAS COMPLETED THE FORMATION OF THE W PATTERN AND WHILE IT HAS POTENTIAL TO PUSH TO 1.27547 IT IS CURRENTLY AT A LEVEL OF RESISTANCE THAT WAS PREVIOUSLY RESPECTED(1.26266). LET'S SEE IF IT CONTINUES TO RESPECT THIS LEVEL
*AS WE SCALE DOWN TO THE DAILY WE CAN SEE THAT PRICE HAS GIVEN US AN INVERTED HAMMER FOLLOWED BY A BULLISH SPINNING TOP.
* ON THE 4 HOUR AND 1 HOUR TIME FRAME WE CAN SEE THAT PRICE HAS CREATED A DOUBLE TOP AND MIGHT BE READY TO START A DOWN TREND.
TRADE IDEAS
1. WITH THE FORMATION OF THE DOUBLE TOP PRICE WILL BEGIN FALLING. POSSIBLE TP LEVELS INCLUDE TP-1: 1.25373, TP-2: 1.24362, TP-3: 1.23410, AND TP-4: 1.22789.
2. PRICE MAY NOT HAVE ENOUGH MOMENTUM TO BEGIN A DOWNSTREND AND MAY PUSH UPWARD TO 1.27547.
3. WITH THE FORMATION OF A WEDGE. THERE IS A POSSIBILITY FOR CONSOLIDATION BEFORE WE SEE ANY TYPE OF BREAK.