Starting with the daily chart, nothing extremely bullish, however we're still above the daily 50 ma. We're also above this major weekly trendline which can cause a bullish case (arrow 1). My ideal entry would be a bounce off of the weekly trendline for a nice long position placing my stop below that very trendwall. My alternate entry option would be a breakout above this descending trendline on the hourly chart with the hourly 50 ma NOT far behind that initial breakout. Switching down to the 4hr we can see an ugly wick rejecting the 50 ma and .3280 area which occurred around the time of some fundamental news announcements. Regardless of the wick, we're above the 4hr 50 ma which still is to be considered as bullish pressure, not bullish price action, at least not yet IMO. Looking at the hourly, as stated before, I'm looking for price to retrace back down to the .3280 area (weekly trendwall). At that point, I'm waiting for price to pierce and close above the 50 ma as well as stick close as possible to the trendwall. Why? I'm looking to have the oppurtunity to place my stop below the hourly 50 ma AND that .3280 support area to give me a favorable R:R. My alternate would be to have the hourly 50 ma squeeze price above the descending trendline and then place my stop below the 50 ma AND the broken resistance now acting as support.
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