Hello traders and investors!
I've seen several ideas for selling based on different patterns, but I'm not seeing the context for selling just yet.
On the daily timeframe, we still have a sideways range. The seller's vector 9-10 has hit the obligatory target, but it hasn't reached the lower boundary of the range at 59005. This lower boundary represents a buyer's area. Selling would be advisable below this boundary if it's defended by the seller.
On the hourly timeframe, we also still have a sideways range. The seller's vector 5-6 closed below the lower boundary at 64493. However, the buyer brought the price back into the range and absorbed the key bar of the seller's vector (with the highest volume). The key bar on the chart is marked as "KC."
Again, the lower boundary is a buyer's area. Selling would be advisable below this boundary if it's defended by the seller.
There are threats to buying at 67929 (the high of the last seller's bar on the daily timeframe). Under certain conditions, I'll be looking for buys with targets at 69000 and 71305.
I've seen several ideas for selling based on different patterns, but I'm not seeing the context for selling just yet.
On the daily timeframe, we still have a sideways range. The seller's vector 9-10 has hit the obligatory target, but it hasn't reached the lower boundary of the range at 59005. This lower boundary represents a buyer's area. Selling would be advisable below this boundary if it's defended by the seller.
On the hourly timeframe, we also still have a sideways range. The seller's vector 5-6 closed below the lower boundary at 64493. However, the buyer brought the price back into the range and absorbed the key bar of the seller's vector (with the highest volume). The key bar on the chart is marked as "KC."
There are threats to buying at 67929 (the high of the last seller's bar on the daily timeframe). Under certain conditions, I'll be looking for buys with targets at 69000 and 71305.
Comment:
Take a look at how the price interacted with the 50% level of the last seller's impulse.
Comment:
On the hourly timeframe, after exiting the sideways movement, the seller executed another impulse. Thus, the sideways movement on the hourly timeframe is considered history and is not regarded by me as context. The current context on the hourly timeframe is the last impulse of the seller starting at 66867.07. What's interesting about this impulse is the key candle at the bottom (marked as "KC" on the chart), with its low at 59678.16. There was a re-attack by the seller at this level, which was absorbed by the buyer. Moreover, the volume of the re-attack candle at the level 59678.16 is the largest after the seller reached this level (marked as "tKC" on the chart). These two factors indicate some weakness on the part of the seller. Recall that 59005 is the lower boundary of the sideways movement on the daily timeframe.
If the seller defends 66867.07, then selling can be considered, with a target of 62776. If the buyer establishes itself above 66867.07 and defends it, then buying can be considered, with targets of 69000 and 71305.
If the seller defends 66867.07, then selling can be considered, with a target of 62776. If the buyer establishes itself above 66867.07 and defends it, then buying can be considered, with targets of 69000 and 71305.
Comment:
The seller passively defends the level 66867. Estimate the spread and volume of the seller's daily candle.
On 7M TF a sideways movement has formed. It is safer to look for trades after a breakout of the sideways boundary and to protect this breakout.
On 7M TF a sideways movement has formed. It is safer to look for trades after a breakout of the sideways boundary and to protect this breakout.
Good luck with your trading!
