US30 - PRE NY SESSION ANALYSIS - 05242022
After a nice push up yesterday, price is hanging out around the 31600 - 31700 level.
It looks like price may be forming a higher lower, turning previous resistance into support.
However, the overall bias is still definitely bearish and I've entered a sell position around 31660 as the previous H1 candle appeared to be exhausted while attempting to form this new higher low.
If I'm stopped out at 31760 then I will be looking to see if price pushes up to the previous level of structure around 31900 in confluence with the 61.8 fib level and supply zone in this same area.
If this occurs then I will be looking to get in once I see signs of exhaustion/reversal with a 100 point stop around 32000.
Hopefully it moves in my direction and I'll begin trailing my stop at around +125 points if it gets to that point.
I'll do my best to post again post market today however I'm still dealing with my Abuela in the hospital so I may have to push until pre-market tomorrow.
Have a great trading day!
Let's get this bag :)
After a nice push up yesterday, price is hanging out around the 31600 - 31700 level.
It looks like price may be forming a higher lower, turning previous resistance into support.
However, the overall bias is still definitely bearish and I've entered a sell position around 31660 as the previous H1 candle appeared to be exhausted while attempting to form this new higher low.
If I'm stopped out at 31760 then I will be looking to see if price pushes up to the previous level of structure around 31900 in confluence with the 61.8 fib level and supply zone in this same area.
If this occurs then I will be looking to get in once I see signs of exhaustion/reversal with a 100 point stop around 32000.
Hopefully it moves in my direction and I'll begin trailing my stop at around +125 points if it gets to that point.
I'll do my best to post again post market today however I'm still dealing with my Abuela in the hospital so I may have to push until pre-market tomorrow.
Have a great trading day!
Let's get this bag :)