The IHS pattern I spoke about earlier in the week played out. Res at 91 intact for now, but no large selling pressure so far either. However, to get long I need price to retrace back to 50% fib (minimum) of previous H4 swing.No doubt in my mind H4 and Daily bias long.
It's quite possible we will have a reversal WS, but I think it would be short lived imho. Maybe back to 90, which is great actually, that's what I want to happen so I can get long :) Anyhoo, here's my daily, NY close, which printed an IPB, inverted pin bar. So equally this is a possible reversal bar.
I suppose, because I am a swing trader, I don't expect to get involved at all today, as it's NFP and Friday, followed by Labor day on Monday. I'll sit back and enjoy the fireworks from a sake distance lol.
I should say, price is no longer making new highs or lows beyond the extremes of the swing I have marked, though there are of course new Highs and Lows within.
I think I'm out of practise when it comes to small TF's :) this is what I see on H1. Price is captured between a previous H1 swing - it's rangebound, as price is no loner making new highs or new lows.
Previous swing marked by coloured block - boundaries are black lines. So for conservative me, price has to be break out one side or another before I would get involved.
Not say there's not oppotunities on the smaller TF, I just can't get my head round it these days :)
Comments
I suppose, because I am a swing trader, I don't expect to get involved at all today, as it's NFP and Friday, followed by Labor day on Monday. I'll sit back and enjoy the fireworks from a sake distance lol.
Previous swing marked by coloured block - boundaries are black lines. So for conservative me, price has to be break out one side or another before I would get involved.
Not say there's not oppotunities on the smaller TF, I just can't get my head round it these days :)
10 mins
double top and now LH and LL
double top on 4 hr
and now turning bearish on 60 mins too