Pretty big supply zone right above us now...one that has held since February!
Obviously not a guarantee, but I'm a seller above 52. Having said that, I don't want to see price cross through the Ichi cloud. This means any potential drop has to happen over the weekend or sometimes next week...because after that, we'll be out of the cloud.
Crossing the daily cloud is generally a pretty strong bullish signal which would force me to revise my plan. I'm also not short right now because price hasn't entered my ideal supply zone yet. Of course I'll try to pick a short entry somewhere in the upper part of the supply zone, but lower TF charts will dictate the exact entry. Like a cheetah I'll have to wait until price drops its guard and enters my killzone ;)
I agree, but i would wait untill prices cross the Tenkan span. The TP is 48(kijun span), as you wrote if 48 breaks who knows....
TradeApe
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The way I look at it, the closer my short entry is to 54, the more price will struggle with the Tenkan because it's at the very nice round figure of around 50.
Brent broke through the cloud today by the way. Any drop will have to happen soon(TM) or WTI's next to cross the cloud. For me, that would open up the way for brent to head towards 70.
Littleassao
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I totally agree, that Tenkan will be probably broken by prices. I didn't know that Brent broke the cloud.
TradeApe
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Yeah, important to watch both brent and WTI as they're related. I couldn't understand for the life of me why brent was going up today until I saw WTI bounced off 50.
TradeApe
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If 48 breaks, 45.50s below that...and after that who knows...not really expecting such a massive drop anymore.