perspective: It should come as no surprise when we tell you that the recent move on the has also taken out a daily supply area at 1223.1-1213.0, since this area is located deep within the aforementioned small weekly decision-point supply area. This move, as per the , has potentially cleared the path north up to daily supply at 1236.6-1227.7, which is, as far as we can see, now effectively a key obstacle to a move towards the aforementioned weekly decision-point supply area.
4hr timeframe perspective: The open (1202.7) saw the buyers take immediate control, which saw prices hit and spike though a 4hr at 1223.1-1219.0, possibly clearing the path north up to a 4hr supply area seen at 1236.6-1231.8 (located very deep within the daily supply area mentioned above at 1236.6-1227.7).
Let’s just recap here so that we’re all on the same page. Essentially, we have now seen three supply areas engulfed. These supply areas, as you can probably see, all have the same upper limits. The key point to this is that the path north appears clear for further buying according to not only on the , but the daily and 4hr timeframes as well.
This is great. What next? Buying - with a potential resistive-free area on the horizon, we currently have our eye on the following levels:
• The small 4hr flip level at 1208.4. Lower timeframe confirmation is a must here – nothing worse than getting stopped out on a fakeout, is there?
• The small 4hr decision-point demand area at 1191.3-1194.1, which also boasts convergence from the low 1142.5. Depending on the way price approaches this zone, we may consider setting a pending buy order here when, or indeed if the time comes.
The ideal take-profit target for any trades taken from these levels is the lower limit of the daily supply area at 1236.6-1227.7. It will be up to the individual trader whether to close his/her full position at this point, or leave some on the table to run.
Current buy/sell orders:
• Buy orders: 1208.4 (Predicative stop-loss orders seen at: dependent on where one confirms this level). 1191.3-1194.1 (Predicative stop-loss orders seen at: 1190.2).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
now it rather seems as all set for repeat of Apr13, lets see