Today's daily candle open with the price plummeting a little bit, then pushing up to create a top wick before dropping again. The drop right now in the daily time-frame is seen as the market clearing off buy volumes from the market before it starts pushing further. The thing is whether price will drop further to cross/touch the nearest daily support, because if the price does touch/cross support, it means that there is a chance of reversal but we'll still have to wait until the price close below support only then we can call it a completed reversal. Another thing that can happen is the price may not touch support but close as it is right now or may pullback a bit before closing and then plummet again tomorrow clearing more buy volumes before pulling back and start rising continuously to create a new high. Or it can directly pull back at the current candle and push for a new high, but who knows? We'll play according to price and bar action as demonstrated.
The 4 hour time-frame after creating an unsuccessful, but complete reversal was plummeting continuously until the current point in which it's previous candle wasn't able to break support or resistance hence the current candle is now in a sideways or consolidation. But the problem is that the previous candle has crossed the 3,000.00 support once before pulling back after clearing buy volumes and then closed above the support which means support isn't broken yet. But the signs left on scene is that price may drop further since it has accumulated buy volumes once and then cleared it. The current candle has also crossed the 3,000.00 support once before pulling back and is right now above the support. The market hasn't chosen direction yet which means we cannot buy or sell at the current price because both support and resistance isn't broken yet. The only place to buy right now would be below the 3,000.00 support if the price breaks below but then pullback as a fake out, our buy order would be one with quality and then sell when the price breaks above and if the candle pullbacks to close below resistance it means that our sell orders has quality. The best way to have an order is to wait for a breakout and buy if it breaks below and sell if it breaks above, but the better thing to do is to follow the trend and no go against it so if the higher time-frame is bullish, we'll wait to buy exclusively and then sell if the higher time-frame is bearish. Because by following the trend, you reduce a whole lot percentage of risk you're gonna have to bear if you're going against the trend. So since the big trend right now is bullish, we'll wait for the price to break below to get a buy position in to go with the market. So if the market breaks below again, go with a buy order and wait to see if it is a liquidity sweep before going back to its original trend, but if it chose to break above first, then wait for the price to close above the resistance it has crossed and then buy after a pullback or retracement.
