Hello traders and followers. With this chart i am taking a look at the monthly chart and come with a simple explanation on the price action.
Evidently , we have been guided by extremely strong fundamental events, but the price action also has it's say in the way things turned out.
When we check the monthly candles we can see that we have formed an engulfing candle this month(now i know it's not over) that also helped create an order block in the area. 90% or even more of the times we form an engulfing and a block we go in the initiator candle direction, therefore... short .
Projecting the target
The monthly is pretty simple , we have a pivotal point that can help us trace a trendline, creating a possible impact zone that we refine by taking a previous POI and projecting it to form a confluencial area.
Trade safe, and see you in the next one.
Evidently , we have been guided by extremely strong fundamental events, but the price action also has it's say in the way things turned out.
When we check the monthly candles we can see that we have formed an engulfing candle this month(now i know it's not over) that also helped create an order block in the area. 90% or even more of the times we form an engulfing and a block we go in the initiator candle direction, therefore... short .
Projecting the target
The monthly is pretty simple , we have a pivotal point that can help us trace a trendline, creating a possible impact zone that we refine by taking a previous POI and projecting it to form a confluencial area.
Trade safe, and see you in the next one.
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