TrendCloud is showing an extended trend on the 4 hour chart.
This means that we should see price pull back below the 50 SMA to recalculate.
The one hour chart is in a downtrend and CCI has gone below -100. This indicates strong momentum to the downside as its approaching the 15 minute supply zone.
We might have enough momentum for another push down once the 15 minute supply zone is hit.
This means that we should see price pull back below the 50 SMA to recalculate.
The one hour chart is in a downtrend and CCI has gone below -100. This indicates strong momentum to the downside as its approaching the 15 minute supply zone.
We might have enough momentum for another push down once the 15 minute supply zone is hit.
Trade closed: stop reached:
Ok so as you can see price is pulling back deeper and has gone through out supply zone. Hey no worries... we were protected by a 1% risk stop loss and took a scrape on the knee. Not a big deal. So what's next? Well, at this point we need to start breaking structure to the downside on that lower timeframe again... we also need a momentum shift on our 1 hour CCI indicator. So until we get some more info, we will sit on our hands and wait.
Chris Juliano