We saw price come up near the supply zone multiple times this week but fail to close above or even inside of it.
Most of my analysis is already on the charts. Do note that there is a minor demand zone around the 76.50 level, not drawn on the charts, where we may see a bounce. This could be a TP1 for some traders and I would likely move my stop near this level if price continues downward after the bounce.
This setup will likely take a week+ to play out; if it does.
Most of my analysis is already on the charts. Do note that there is a minor demand zone around the 76.50 level, not drawn on the charts, where we may see a bounce. This could be a TP1 for some traders and I would likely move my stop near this level if price continues downward after the bounce.
This setup will likely take a week+ to play out; if it does.
Comment:
TP1 of 76.5 was hit a couple of hours ago. I have since moved my stops to the 78.50-79.00 area. Will continue to observe where price goes from here.
Comment:
Although the bounce off 76.5 was larger than expected, this setup remains valid as the market structure is still intact.
Comment:
I did choose to reenter at my original entry price after getting stopped out in profit for the 2nd retest of the 76.5 level.
Comment:
76.5 level broken, price can continue to break significantly lower but I've taken profits and will leave a small position open to trail.
Thank you to everyone who gave a rocket,
May the markets go with you.
Thank you to everyone who gave a rocket,
May the markets go with you.
Comment:
Consider this trade fully executed and done. Will not be updating anymore until the next idea.