Now, hereâs a close look at the price action by H4. Observe closely (on the 4-Hour Chart) the periodic oscillation of approximately 2 bars down and a bull reaction (rally) of about 3.5 to 4.5 bars that follows. This pair just went on 2nd bar along down last Friday and may have hit the floor and is due for some bounce in the early going of Asian market towards the European zone this Sunday (US Time). Another technical consideration is the bottoming of a 15-bar (H4) cyclic variation. The pair hit 15th last Friday on market close and is due to inaugurate another cyclic pattern â a wave that could lift prices higher for the next 3.5 or 4.5 bars on the average. The generated swell from this bullish reaction comes in different magnitude sizes and measuring from the recent low of 1.4149, they are: A.) 55 pips for a bump at 1.4204; B.) 60/64 pips for a visitation of 1.4209/13; C.) 80/84 pips for a swipe at 1.4229/33; D.) 90 pips or thereabout for a stab at 1.42539; and E.) 105 pips or thereabout for a crack at 1.4254. F.) A possibility of a 130 plus pips bubble is being considered but because of the down trend price motion courtesy of the D1, your H4 component may not have enough pressure to gobble much of a high ground. But nonetheless, we will keep a tab of this possibilit. But in the event the bearish slide goes unabated, tearing through S1 (A) and S2 Wizard support lines, we donât want to be looking the other way and miss the move. The underlying and immediate support bunkers in the region of 1.4115 or thereabout, 1.4080s and 1.3970/80 will get in contact with the bears.
Or, just trade in any direction for 30 pips within the next "available" 24 hours session, then wait for the next non-directional price level and non-directional pip range to do it again. Or, go bigger for 60 pips non-directional, but not from this level. I'd have to wait until mid-session on Monday, before I know where that level will be. Contemporary clockwork.