A short setting up for me in EURUSD.
Daily chart: somewhat similar to my previous post.
Bullish case:
Clustering of closes right at the bottom swing point. Not much selling came in later at the top swing point, aka the top of AR rally. A Spring came later on around 21apr. last wave down had SOT(shortening of thrust).
Bearish case:
AR wave was a strong wave up, but after that next 2 waves were weak. no follow through after that spring bar. However previous spring bar at around 27apr had 2 days no follow through as well before heading up.
Structural aspects:
A balanced range as of now. Market might want to go up and test since just only tested bottom of range.
Plan A:
Selling is still present as of last bar. Can sell till low of the range tested again, then look for longs.
Plan B:
Buy if yesterday high broken, can expect run up.
Hourly chart:
A huge up bar without any follow through. the shaded zone is yesterdays highest 1H volume bar(credits to pres78 for this concept). As today opened, market went up 5 bars with good bars closing at the tops, and once the top of the shaded zone reached, market flattened out. look at volume, 3 narrow spread bars, could be qualified as ND. we start to trade below yesterdays daily close and we move on to 5min chart now.
5min chart:
narrow bars forming towards the end of an apex(forgot to draw it in), just before the entry bar.
Targets:
Good flow to downside, no reason to fold. manage trade in 1H. unless stopping volume in 5min appears. as we speak we are breaking through the overnight low. more support can be expected at around 1.0800 area, which was also around the middle of that VAA(vertically accelerated bar). lets see what unfolds.
Daily chart: somewhat similar to my previous post.
Bullish case:
Clustering of closes right at the bottom swing point. Not much selling came in later at the top swing point, aka the top of AR rally. A Spring came later on around 21apr. last wave down had SOT(shortening of thrust).
Bearish case:
AR wave was a strong wave up, but after that next 2 waves were weak. no follow through after that spring bar. However previous spring bar at around 27apr had 2 days no follow through as well before heading up.
Structural aspects:
A balanced range as of now. Market might want to go up and test since just only tested bottom of range.
Plan A:
Selling is still present as of last bar. Can sell till low of the range tested again, then look for longs.
Plan B:
Buy if yesterday high broken, can expect run up.
Hourly chart:
A huge up bar without any follow through. the shaded zone is yesterdays highest 1H volume bar(credits to pres78 for this concept). As today opened, market went up 5 bars with good bars closing at the tops, and once the top of the shaded zone reached, market flattened out. look at volume, 3 narrow spread bars, could be qualified as ND. we start to trade below yesterdays daily close and we move on to 5min chart now.
5min chart:
narrow bars forming towards the end of an apex(forgot to draw it in), just before the entry bar.
Targets:
Good flow to downside, no reason to fold. manage trade in 1H. unless stopping volume in 5min appears. as we speak we are breaking through the overnight low. more support can be expected at around 1.0800 area, which was also around the middle of that VAA(vertically accelerated bar). lets see what unfolds.
Attached Image(s) (click to enlarge)
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