The higher-timeframe picture resembles the following:
Weekly TF: Price still remains trading between the weekly supply area above at 1391.97-1328.04 and a nice-looking weekly decision-point level below at 1244.04 with no attempt of a breakout yet to be seen. Price is currently edging ever so closer to the lower limits of the 1244.08 area, so long positions may be a good bet at the moment.
Daily TF: A break below the daily S/R flip level at 1277.36 has been seen, consequently forcing price down to around a daily decision-point area at 1258.40-1270.30 where buying interest is currently seen coming into the market.
Following on from our previous analysis on the 4hr timeframe, price did eventually trade within the 4hr demand area at 1258.40-1264.53, which filled our pending buy order at 1262.48 with very little drawdown we are pleased to add! From a risk/reward perspective, we can likely expect a 3R winning trade if price hits our first target set just above at 1273.07, however, we will not be taking closing all the position there, we will more than likely close half and let the other run on a potential break above the aforementioned 4hr S/R flip level.
On a side note, for all our readers, please do have a look through the history of your , find daily areas of , and try to locate either fresh 4hr or 1hr areas within, these are great places to look for trades, and it is exactly what we try to do! The only downside with this is it requires patience, which unfortunately is a hard skill to master, especially when $ are on the line!
Pending/P.A confirmation levels:
• The pending buy order (Green line) set just above 4hr demand (1258.40-1264.53) at 1262.48, so do keep an eye on our first take-profit target set at 1273.07.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.
• No pending sell orders (Green line) are seen in the current market environment.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 1262.48 (Active) (SL: 1256.40 TP: 1273.07 ) P.A.C: No P.A confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: No P.A confirmation sell levels are seen in the current market environment.