10:15 am gmt +8
The last three candles condition on H4 indicates the early sign of reversal to BULLISH. The price might up from that point or retest the MAJOR TRENDLINE once more to form double bottom.
The other possibility is the price might form 123 pattern and pass through the MAJOR TRENDLINE from that point to continue BEARISH. But the big question is "The market already BEARISH for 2 days and the price could be considered very low. Is it possible for market to perform BEARISH for 3 market trading days without any correction or any reversal?" I guess it's possible but the probability is very low.
That's why I preferred to wait for best entry on small TF for LONG position.
Saturday, August 9, 2008
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