Daily Chart – The market holds a current short-term bullish structure that is trading in a consolidated zone. It holds a weak bullish characteristic as it fails to break bearish structure over two retracements. This increase the market’s probability of trading lower.
4 Hour Chart – I’ll be waiting for next week’s price action to be trading around this area before deciding to enter. Entry requirement has to show signs of bullish exhaustion and a strong bearish potential (hammer pattern / doji). The ideal RR ratio would be 1:2. Price action can’t break the blue line as it would signify that market is still in a bullish trend.