Hello traders,
We are approaching the holiday season and volume tends to drop, sometimes it's better to expect a more "rangy" price action. I wouldn't be surprised if it takes out the last H4 swing high and returns back to the range. Given that, I'm mainly expecting four different scenarios:
1) Price reacts to the current chain supply and pushes down during the Asia session, probably providing short opportunities during the next London session.
2) Price continues the current trend and breaks above daily supply. This is the bullish case where I would be confident in looking for longs positions.
3) It goes higher than the last H4 swing high but fails to close above it. This is the second bearish scenario, where I would confident in taking short positions following the M15 structure.
4) The last case scenario is one where price take the last swing high, fails to close above it and comes back into the range slowly and it doesn't provide opportunities. This is the more "rangy" type of price action, which is definitely something to take into consideration.
Tomorrow there is "Consumer Confidence" data but I'm not expecting huge volatility from it but it will definitely help during this period.
Take care and good luck traders :)
We are approaching the holiday season and volume tends to drop, sometimes it's better to expect a more "rangy" price action. I wouldn't be surprised if it takes out the last H4 swing high and returns back to the range. Given that, I'm mainly expecting four different scenarios:
1) Price reacts to the current chain supply and pushes down during the Asia session, probably providing short opportunities during the next London session.
2) Price continues the current trend and breaks above daily supply. This is the bullish case where I would be confident in looking for longs positions.
3) It goes higher than the last H4 swing high but fails to close above it. This is the second bearish scenario, where I would confident in taking short positions following the M15 structure.
4) The last case scenario is one where price take the last swing high, fails to close above it and comes back into the range slowly and it doesn't provide opportunities. This is the more "rangy" type of price action, which is definitely something to take into consideration.
Tomorrow there is "Consumer Confidence" data but I'm not expecting huge volatility from it but it will definitely help during this period.
Take care and good luck traders :)