We have two sell zones on this chart - Supply Zone 1 and 2. I so much favour SZ 1 because of the downward momentum. However, we have liquidity above the zone and the price might tap slightly above it into SZ 2 before moving down.
Suply Zone 1
If the price pushes up to this zone, I will look for candle reversal pattern with signs of strength and sell.
Supply Zone 2
If the price breaks above the SZ1 around 16400 area and taps into SZ 2, I will look for a bearish reversal pattern and sell.
Both setup will be invalidated if we have a break and close above 16460 area.
Note: I always look for candle reactions around the Supply and Demand Zones before I engage. The only time I don't do that is when I will not be around to monitor the trade.
Thanks
MatrixPip
Suply Zone 1
If the price pushes up to this zone, I will look for candle reversal pattern with signs of strength and sell.
Supply Zone 2
If the price breaks above the SZ1 around 16400 area and taps into SZ 2, I will look for a bearish reversal pattern and sell.
Both setup will be invalidated if we have a break and close above 16460 area.
Note: I always look for candle reactions around the Supply and Demand Zones before I engage. The only time I don't do that is when I will not be around to monitor the trade.
Thanks
MatrixPip
Comment:
We got a nice reaction (over 100 points) from Supply Zone 1. Now the price is moving to SZ 2. Let's watch this area.
