Trading Week 5 - GU Weekly Analysis
On the Daily, Price has just rejected the EMA Cross 79 level which broke structure to the downside on the H4. Following last week, price has retested the broken Structure to form a new LH formation with 4H MSB 62 Bounce to the downside. Price ended up breaking below the EMA 200 and the EMA 14 has also crossover to the downside with Declining Slope.
On the H4, Price has formed a new LH formation with price rejecting the Institutional Level 1.245 strongly and dipping downwards to print a new LL formation on Institutional Level 1.235.
I will be looking for price to retrace higher to form a new LH formation with evidence of exhaustion on the lower TF.
Bias = Bearish
Structure = LL to new LH
Setup = Break below structure, retest and LH formation
On the H4, Price has formed a new LH formation with price rejecting the Institutional Level 1.245 strongly and dipping downwards to print a new LL formation on Institutional Level 1.235.
I will be looking for price to retrace higher to form a new LH formation with evidence of exhaustion on the lower TF.
Bias = Bearish
Structure = LL to new LH
Setup = Break below structure, retest and LH formation