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.
• Daily TF: Buying interest from the daily S/R flip level at 1277.36 has recently been seen. If the buyers are intent on taking things higher, their first obvious area of trouble will likely be around the daily decision-point level at 1318.96.
Beautiful, in our opinion, the buyers have confirmed the 1283.60 area as a logical place to set a pending buy order at, since they have likely consumed the majority of the sellers (potential obstacle for any buying) around the high marked with a green flag at 1290.86, effectively clearing the path north for higher prices.
Our pending buy order (1283.60 is placed in such a way that we have the market come to us, rather than we chase it! A retracement may be seen due to pro money likely needing to collect any unfilled buy orders left around our entry level, as it is only pro money that can make a decision to rally the market like this. If our pending buyer order (level above) gets filled, we could be in a for a great R:R trade, since there appears to be only consumed supply/sell orders directly above the high marked with a green flag at 1290.86 (take note of the wicks marked with the blue arrows within the red circle) up to around 4hr supply at 1319.28-1314.48 which is where we’ll be ultimately targeting.
Pending/P.A confirmation levels:
• Pending buy orders (Green line) are seen just above 4hr demand (1258.40-1264.53) at 1266.09. The reason a pending buy order has been set here, is because this area in our opinion remains the overall origin of a big rally to the upside, likely meaning there are a lot of unfilled buy orders siting in and around this area.
• New pending buy orders (Green line) are seen just above the 4hr range area (1273.07-1283.13) at 1283.60. The reason we have set a pending buy order here is simply because the buyers have confirmed that higher prices may likely be seen, by consuming the majority of the sellers (which was a requirement at the time) around the high marked with a green flag at 1290.86.
• 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: 1266.09 (SL: 1256.40 TP: Dependent on how price approaches) 1283.60 (SL: 1279.67 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.