USDCNH LONG
Based on the current retracement to meet the previous Monthly High, We could say that this month has a Wick to fill.
-The Lower wicks From the previous Two weeks formed a Higher Low and a Bullish reversal pattern that we can observe when we go into the Lower Timeframes.
- In the Daily Timeframe, We can observe strong Bullish candles that can be used to confirm the Bullish Continuation through the Daily Timeframes.
With all this confluence based on the Top-Down approach, we could therefore look for an entry on the lower timeframes, mine would be based on the H4 TF with the expectation of a long move towards the next Key Level, which is the top wick on the Weekly Timeframe.
-The Lower wicks From the previous Two weeks formed a Higher Low and a Bullish reversal pattern that we can observe when we go into the Lower Timeframes.
- In the Daily Timeframe, We can observe strong Bullish candles that can be used to confirm the Bullish Continuation through the Daily Timeframes.
With all this confluence based on the Top-Down approach, we could therefore look for an entry on the lower timeframes, mine would be based on the H4 TF with the expectation of a long move towards the next Key Level, which is the top wick on the Weekly Timeframe.
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