Price has seen a strong advance possibly consuming the majority of the sellers in and around 4hr supply at 1342.30-1335.74. Logically speaking, price is now free to hit the above 4hr supply at 1363.99-1350.62, however before it does that, price could very well drop to 4hr demand below at 1307.58-1315.67.
So what does this mean on the daily timeframe? Daily supply at 1318.12-1331.08 has seen a break above, meaning price is now free to travel all the way up to a major daily supply at 1391.97-1366.80, so do keep this in mind when attempting to short the 4hr supply area at 1363.99-1350.62 as price could just very well ignore this area and continue up to the daily supply area just mentioned. A saying that never gets old: Higher timeframes overrule the lower timeframes!
Pending/P.A confirmation orders:
• New pending buy orders (Green line) are seen just above demand (1307.58-1315.67) at 1316.64. A pending buy order was set here purely because of the fact this was the origin of the rally up into supply at 1342.30-1335.74, and when price returns to the origin a reaction is normally seen. • P.A confirmation buy orders (Red line) are seen just above the S/D flip area (1284.77-1280.53) at 1285.71. We have set a P.A confirmation buy order here simply because we could not find a logical area for the stop-loss order, so to avoid any deep spikes; we have decided to wait for confirmation.
• The pending sell order (Green line) set just below supply (1342.30-1335.74) at 1334.17 has been stopped out. • No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 1316.64 (SL: 1306.01 TP: Dependent on price action approach). P.A.C: 1285.71 (SL: (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: P.O: There are currently no pending sell orders seen in the current market environment. P.A.C: There are currently no P.A confirmation sell orders seen in the current market environment.