2 out of 3 gaps have filled in the same day, post earnings which uber beat. There is one gap left to fill and that gap is a bullish gap!
($43.65/30m) lowest resistance
($45.13/30m) highest resistance
It isn't too late to get in on this. I see another possible sell entry at bottom of this distribution range, which will be greater confirmation. I just don't see price giving up all of that liquidity (green arrow with $ sign). If the institutions behave like, well, institutions, they will drop to take all that money and can quite possible give a 1:9.
I'm looking to go short from the red supply zone for about 5:1, maybe more. Now, there is a demand zone there at around the first target (T1). where I will have to pay close attention to get out if price shows signs of reversing, depending mainly on how price enters the supply zone. Also, it is going against the Daily trend, favoring the demand level at T1.
My previous idea featured a really good supply zone that clearly met all of my requirements but wasn't enough against a rally that came out of a daily demand zone. So, I immediately switched gears and found the next best demand zone on the 5 minute.
I don't recall when I setup this order on the 5-minute chart but it just triggered and I still like the way it looks. I don't think it will give the risk/reward I anticipated but I predict that it will give something.
I will keep the explanation short since my chart can't show exactly what I'd like it to.
Price has pushed to an extreme from the 4hr mean where reversals are much more likely.
The 365 Period MA on the 4hr is showing price above it, meaning I'll only go long.
Price has spiked through and pulled back against a Daily & Weekly Pivotal point.
At the time of entry on...
NzdJpy reached a good level of support with actual room to go higher. Also on the 5 minute we have a head and shoulders setting p, still early but definitely something you can look to ride up then even down for the retest.
Today was a bull reversal day and will likely result in a large trading range day. There was a bear trend from the open after a large gap down and failed bull trend on bar 1. There were several good sell setups (red arrows), and a breakout gap which remained opened for the morning session. The appropriate stop for all entries was above the high of the...