Hi Traders!
The market is in an overall Uptrend.
We're going to start the Multiple Timeframe Anaylsis with the weekly Timeframe.
Then we'll continue with the Daily, H4 and H1 Timeframe.
Here is the weekly TF:
Here you can see that the market moved in a Parallel Channel.
It was also moving below the weekly descending Trendline.
After that, it broke out.
Shortly after that, it moved up in a Trending Move.
A consolidation followed.
Now we're in a Trending Move too and we're looking for a place where the market could start a consolidation.
The nearest Area of Value would be the area between 1.26 and 1.23 above.
Continuing with the daily TF:
On the left side, you can see that the market moved 1100 pips for its Trending Move.
Then it started the consolidation.
Now we're in a Trending Move which has moved 690 pips yet.
The full 1100 pips would be just above the consolidation Area.
But as we know by experience, the second Trending Move is often shorter than the first one.
That's why we expect the market to stay in the Consolidation Area.
We have two possibilities how the market could break-in to the Consolidation Area:
Let's move on to the H4-TF:
It is easy to recognize the Mirror Level at 1.21750.
The market firstly made an ascending Triangle and broke this Level.
Then it bounced back from the weekly Resistance (1.22700) and started another Triangle.
The Mirror Level was used as the Support.
The market broke that too.
In addition, the 50EMA serves as a Support too.
Finally, here is the H1-TF:
Here you can see the Breakout of the Symmetrical Triangle.
Our Setup is to buy the Retest of the Level.
The target is the weekly Resistance.
The SL is below the daily Trendline.
We recommend to trade the retest to get a better Risk-to-Reward Ratio.
Thanks and successful Trading :)!
The market is in an overall Uptrend.
We're going to start the Multiple Timeframe Anaylsis with the weekly Timeframe.
Then we'll continue with the Daily, H4 and H1 Timeframe.
Here is the weekly TF:
Here you can see that the market moved in a Parallel Channel.
It was also moving below the weekly descending Trendline.
After that, it broke out.
Shortly after that, it moved up in a Trending Move.
A consolidation followed.
Now we're in a Trending Move too and we're looking for a place where the market could start a consolidation.
The nearest Area of Value would be the area between 1.26 and 1.23 above.
Continuing with the daily TF:
On the left side, you can see that the market moved 1100 pips for its Trending Move.
Then it started the consolidation.
Now we're in a Trending Move which has moved 690 pips yet.
The full 1100 pips would be just above the consolidation Area.
But as we know by experience, the second Trending Move is often shorter than the first one.
That's why we expect the market to stay in the Consolidation Area.
We have two possibilities how the market could break-in to the Consolidation Area:
- Possibility 1:
It breaks directly into it.
That means, that we see something like a Ascending Triangle Pattern on the lower TFs.
Then it breaks out directly. - Possibility 2:
The market makes a Retracement Move towards the Trendline.
Then it bounces back from the Trendline and reaches the Consolidation Area finally.
Let's move on to the H4-TF:
It is easy to recognize the Mirror Level at 1.21750.
The market firstly made an ascending Triangle and broke this Level.
Then it bounced back from the weekly Resistance (1.22700) and started another Triangle.
The Mirror Level was used as the Support.
The market broke that too.
In addition, the 50EMA serves as a Support too.
Finally, here is the H1-TF:
Here you can see the Breakout of the Symmetrical Triangle.
Our Setup is to buy the Retest of the Level.
The target is the weekly Resistance.
The SL is below the daily Trendline.
We recommend to trade the retest to get a better Risk-to-Reward Ratio.
Thanks and successful Trading :)!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.