Is The Cable Going Bearish Again...?
Updated
On the 1 hour, we have seen how the market has danced back and forth in the past few days.
In our last analysis from yesterday, we noticed a strong threat by the bulls to invalidate our zone. The zone was finally invalidated and the bulls took over without giving us a chance to take the trade to the downside.
Following the bullish shift, we witnessed the market stay bullish for a very short term as it again u-turned bearish with the invalidation of our 1 hour zone and PB. It would be safe to say that the seeming bullishness was nothing but the market aiming to make a deeper retracement on the 4 hour timeframe.
THe 4 hour chart is still bearish and we expect prices to switch into the extension swing and stay so. With the 1 hour now aligning bearish with the 4 hour, we are confident the extension is here and that prices will ultimately begin to dip towards our liquidity target below.
We will look to catch this bearish trade and milk the market as it moves towards our target.
In our last analysis from yesterday, we noticed a strong threat by the bulls to invalidate our zone. The zone was finally invalidated and the bulls took over without giving us a chance to take the trade to the downside.
Following the bullish shift, we witnessed the market stay bullish for a very short term as it again u-turned bearish with the invalidation of our 1 hour zone and PB. It would be safe to say that the seeming bullishness was nothing but the market aiming to make a deeper retracement on the 4 hour timeframe.
THe 4 hour chart is still bearish and we expect prices to switch into the extension swing and stay so. With the 1 hour now aligning bearish with the 4 hour, we are confident the extension is here and that prices will ultimately begin to dip towards our liquidity target below.
We will look to catch this bearish trade and milk the market as it moves towards our target.
Trade active
In line with our analysis from yesterday, we have today seen prices come into our zone and, from there begin to reverse. We are in on this position, and we are looking to hold it with the expectation that prices would dip all the way down to our 1 hour liquidity target below.
Trade closed: stop reached
PRice moved against our position and got us stopped out on this trade.
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