Happy Monday. Another drop at open today as liquidity continues to flow. I had a short-term bullish target last week but now I will be bearish. A note about my strategy is it is at its best in tight zig-zag conditions. When price is moving quickly I am usually on the sidelines waiting for structure to form.
1D
The 1H and 4H are both invalid to me at this time. With the bottom falling out I don't have a closed range as an area of work.
On the 1D the bullish range has one last POI (1.14903) before it too fails. Below this, the 1W and 1M bullish POI's (1.13432) are my long-term targets.
Above current price this range does not have a single bearish POI at this time frame and very few on the 4H. This indicates that if price does start running higher, possibly caused by something significant like a US economic collapse, then price will run through this very quickly.
For today, I will be looking at the only 2 timeframes that are valid - 15m and 5m.
5m
The bearish range here is the same as the 15m. The gap has been mitigated as a valid POI (1.15589) and is clear to complete to the down side. If price were to break this range to the upside I would target the 1H and 4H POI (1.16716) for sell opportunities, which would validate the invalid 5m bearish range and validate the 1H bearish range at 50%. POI alignment on multiple timeframes is a key trading strategy for me.
1D
The 1H and 4H are both invalid to me at this time. With the bottom falling out I don't have a closed range as an area of work.
On the 1D the bullish range has one last POI (1.14903) before it too fails. Below this, the 1W and 1M bullish POI's (1.13432) are my long-term targets.
Above current price this range does not have a single bearish POI at this time frame and very few on the 4H. This indicates that if price does start running higher, possibly caused by something significant like a US economic collapse, then price will run through this very quickly.
For today, I will be looking at the only 2 timeframes that are valid - 15m and 5m.
5m
The bearish range here is the same as the 15m. The gap has been mitigated as a valid POI (1.15589) and is clear to complete to the down side. If price were to break this range to the upside I would target the 1H and 4H POI (1.16716) for sell opportunities, which would validate the invalid 5m bearish range and validate the 1H bearish range at 50%. POI alignment on multiple timeframes is a key trading strategy for me.
Attached Image (click to enlarge)
10% chart. 90% mind.
