Daily TF: On the price is seen entering a daily demand area at 1238.41-1254.85. This area of demand appears weak from the deep test seen on 03/06/14 at 1240.23. Nonetheless, price is currently trading around a small daily decision-point level (demand - 1252.02) at the moment, notice this level was not a reaction to anything, and until now remained untouched.
4hr TF: Considering where price is located on the higher timeframes at the moment (weekly decision-point (support) level at 1244.08, daily demand area at 1238.41-1254.85), we are naturally expecting to see higher prices sometime soon. With that in mind, strong selling opposition around the 4hr R/S flip (resistance) level at 1257.55 is clear; just take a look at those wicks!! A break below the 4hr demand area at 1250.15-1253.79 has been seen, traders should be wary here, this could very well be a fakeout performed by pro money to accumulate orders to go long, and does not necessarily mean price is free to hit the next fresh 4hr demand area below at 1240.92-1244.87, no matter how good it looks.
Our plan here is to patiently watch price action, if a close above the aforementioned 4hr R/S flip (resistance) level is seen, we will then be looking to play the retest up to at least 4hr supply at 1271.78-1267.52. If follow-through selling is seen from here, we have a pending buy order (1245.52) set ready and waiting above the lower of the two 4hr demand areas already mentioned.
Pending orders/P.A confirmation levels:
• Areas to watch for buy orders: 1245.52 (SL: 1239.58 TP: Dependent on how price approaches) 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.