Overall trend: bearish
Current state: 4H Supply zone
Structure being broken? Yes
Important events coming up? NFP news tomorrow
So let's begin to take a look at the higher timeframe bias (this is very critical in trading supply and demand), it can be clearly noticed that the overall sentiment of the market is bearish on the 4H, yet we see a kind of range on the daily and weekly.
Watch out: We just bounced off a Daily Demand zone (so I will take partials on this trade)
The price bounced off on a Daily and 4H demand zone, as it is indicated on the graphical illustration - then it taped into our 4H supply, where it reacted nicely off.
From the fundamental side of events, we have NFP news tomorrow, which will have a huge impact on the overall market.
Be safe in these times and happy trading you all!
Current state: 4H Supply zone
Structure being broken? Yes
Important events coming up? NFP news tomorrow
So let's begin to take a look at the higher timeframe bias (this is very critical in trading supply and demand), it can be clearly noticed that the overall sentiment of the market is bearish on the 4H, yet we see a kind of range on the daily and weekly.
Watch out: We just bounced off a Daily Demand zone (so I will take partials on this trade)
The price bounced off on a Daily and 4H demand zone, as it is indicated on the graphical illustration - then it taped into our 4H supply, where it reacted nicely off.
From the fundamental side of events, we have NFP news tomorrow, which will have a huge impact on the overall market.
Be safe in these times and happy trading you all!
Comment:
Position hit SL. Entered a new position in Supply above Supply.
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