After a strong pullback from new lower low, the market is finally approaching a wide zone of supply. for traders, who took long trades it is time to close their positions with profit and look for short trades.
I am also will look for a short trade within this area, however, I will let the market go bit higher until I see RSI divergence.
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If 4hour candle closes above the zone Setup will be invalid
Not really sure about such thing like supply and demand in currencies. I would agree there is one in commodities or sugar or corn or oil and so on because you cannot print those. If you feel rich and you decide to buy all the Aussie Dollar, I don't care how rich you are they will supply you so much Aussie Dollar, you will go bankrupt. Currencies are circulating, the same you sell to someone you buy back again. So I don't see how one can apply supply and demand on currencies.
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@VasilyPonomarev is this still valid, we can wait till breakout n then downtrend starts?
Nas100_Kulani
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@VasilyPonomarev A strong rejection and a Doji is it enough confirmation to take a short?