USDCHF 01.29.19 #FOREX
Monthly
Weekly
Daily
4 Hour
1 Hour
15 Minute
- 3 Month candle printed a long wick showing buyers' exhaustion and liquidity capture.
- August's monthly candle closed beneath previous support, capturing sellers at the low, we waited for a pullback and now we wait for smaller time frames to confirm our long term selling bias.
Weekly
- 1.0050 - 1.0125 is a "liquidity pool." Enough buyers were induced for the market to finally melt. We had a bearish engulfing candle, signaling a price drop.
- Price close beneath support (.9850), followed by a pullback which led to last week's inside bar. Now we continue to smaller time frames to solidify a clean entry.
Daily
- Rejection of Daily Disturbance Zone (liquidity capture)
- Bearish engulfing candle followed by a retracement and another bearish engulfing candle. Lots of bearish momentum.
- Daily bearish close beneath support (0.9930), pullback follows and we dive deeper sub Daily timeframe candles.
4 Hour
- Break below consolidation/support @ 0.9950, now we are retesting previous support, relative resistance.
- Currently rejecting 4H Disturbance Key Level.
- Recent 4H candles are bullish, lets wait for momentum to start to shift along with 1H.
1 Hour
- Back to back doji candles, buyers losing momentum.
- Rejecting 61.8% Fib Level.
- Approaching bearish trendline.
- Would need to see wicks go beyond resistance to accumulate more buyers, then price to close back into the range.
- Bearish reversal candlestick patterns our final confirmation on this time frame.
15 Minute
- Consolidating between 0.9940 - 0.9955
- A close beneath the micro support (0.9940) on 15 Minute/1 Hour, followed by a pullback and bearish candlestick pattern would confirm a sell.
- Price could rapidly shoot up near relative resistance to accumulate buy orders then show exhaustion on 1H/4H timeframe. Sells following liquidity capture would be key.
- Rejecting 71% Fib Level.
