Yesterday I talked about the long setup as price formed a tight consolidation - a sign of Price Acceptance. Price then went from 1846 pushed all the way through 1865 (yesterday's high).
What's really interesting now is the 18ema & 50ema cross on the 4h chart. Bear in mind, we MUST never just trade off one confirmation especially when it comes to the reliability of any indicator. But since I was correct yesterday tells us that the initial plan is well intact.
I got a few criteria that allows me to filter out whether is this a short-term pullback OR a longer term Bullish reversal:
1. 18ema MUST hold above 50ema
2. 1860 is the first minor resistance, if price finds strength breaking above 1860 that's the first sign of buyers attempting to hold highs
3. If price finds some sudden selling pressure breaks below the recent low (1848), it will invalidate this long setup
4. 1860 is a flexible S&R structure, it is not a key major level, i'm only using it as a short-term directional bias structure
Always perform your own analysis and only use this as an educational material. Trade safe and take care.
Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.
What's really interesting now is the 18ema & 50ema cross on the 4h chart. Bear in mind, we MUST never just trade off one confirmation especially when it comes to the reliability of any indicator. But since I was correct yesterday tells us that the initial plan is well intact.
I got a few criteria that allows me to filter out whether is this a short-term pullback OR a longer term Bullish reversal:
1. 18ema MUST hold above 50ema
2. 1860 is the first minor resistance, if price finds strength breaking above 1860 that's the first sign of buyers attempting to hold highs
3. If price finds some sudden selling pressure breaks below the recent low (1848), it will invalidate this long setup
4. 1860 is a flexible S&R structure, it is not a key major level, i'm only using it as a short-term directional bias structure
Always perform your own analysis and only use this as an educational material. Trade safe and take care.
Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.
