FIL · 1H · DOWNTREND

The long from my last read completed — Target 1 at 1.06 hit, then price continued through the 0.9578 invalidation, touching 0.9456 on the low. That's a failed structure on the 1H, and I'm starting clean from it. The daily trend remains up, but this 1H chart has printed a clear sequence of lower highs and lower lows from the 1.09 swing high, with the entire MA stack — EMA 9 at 0.9791, EMA 20 at 0.9989, EMA 50 at 1.0184, EMA 200 at 1.0433 — all above price and still declining. Price is currently bouncing off the 0.9456 low and sitting at 0.9612, but I'm not buying this bounce without structure. The daily uptrend means any long here is with the grain — but the 1H structure is broken and I need a confirmed pullback-then-reclaim, not a chase off the low.

Funding at -0.0025% per 8h has shorts paying longs — the crowded side is short, and that squeeze potential adds weight to the long thesis. But I'm not entering mid-bounce. My setup is a pullback into the 0.9259–0.9574 zone — letting price come back down to test the sweep level — then watching for a 1H close back above 0.9574 to confirm the reclaim. That's the forward trigger. The 1.00 cluster is a waypoint on the way up, not the target; Target 1 is the 1.05 dense liquidation cluster.