Good morning folks! I hope you had an amazing weekend! I honestly just chilled and it felt great 🙂
Respect to those who put the work in, but also respect to those who decided they needed a break, knowing when to rest is important!
Anyway, with that said,
I am looking for a long opportunity, we’ve just reached a lovely weekly area as well as a daily level so all in all, I am all eyes on this one as you can probably imagine!
That being said, the four hour is forming an M formation as I like to call them so I’m still happy to take it, but I hope it doesn’t spend too much time going sideways because if it does, I’ll take it off my watchlist!
Decided to only show the daily chart, the four hour is kinda meaningless since we remain quite far away from the zone. However, I do like this set-up so I am keeping my eyes on these areas.
The weekly comes from a double bottom, so the weekly isn’t fresh but that’s not an issue for me
I am expecting a move to the downside before a move higher for a potential long trade (no weekly stack, only a monthly), that being said, I wouldn’t be against seeing a move higher for a potential short, while the area of supply doesn’t have a perfect stack, we do have a stack slightly above, so let’s be patient and see what happens
Pound Aussie recently broke out of a bearish trend, a lot of demand was pushed into the market so it’ll be interesting to see if we retest that area before a strong move higher. We do have a gorgeous weekly stack so yep, waiting on this one to play out
That’s more or less it for the next couple of days
I’m hesitant on EUR/JPY – you could count the zone as fresh or as an old zone, there’s also another zone just below.
I personally would quite like to see the price reach the zone below since this area has already acted has an area of demand, it’d be interesting to grab some liquidity below it before seeing a reversal
However, I am unsure of how to position myself here