The 3 timeframes on this chart should be read from right to left. The higher TFs first.
The daily has unexpectedly cut bearish again. The 4h too is showing a lot of downward momentum, which should give us a bias towards shorts. MarketDecryptor B gave a clear bearish reversal indication last night on the 1h chart (highlighted), but I wasn't confident and didn't take the trade. I should realise that MarketDecryptor is better at this than me :)
The 1h chart is oversold, which means we should expect to see a red triangle (local bottom) paint soon, which should give us a little upside and a long opportunity. We do have the downward pressure from the momentum waves on the higher TFs, but we also have the bottom of the channel not far below us. Still not a time for high leverage.
The daily has unexpectedly cut bearish again. The 4h too is showing a lot of downward momentum, which should give us a bias towards shorts. MarketDecryptor B gave a clear bearish reversal indication last night on the 1h chart (highlighted), but I wasn't confident and didn't take the trade. I should realise that MarketDecryptor is better at this than me :)
The 1h chart is oversold, which means we should expect to see a red triangle (local bottom) paint soon, which should give us a little upside and a long opportunity. We do have the downward pressure from the momentum waves on the higher TFs, but we also have the bottom of the channel not far below us. Still not a time for high leverage.