The Pound/Kiwi is at an all time high and it is signaling it is about to go lower. The 4hr looks like it's going to hold and it has yet to make higher highs on the daily. We are also in a daily supply zone.
Gpro is looking bearish on the 4 hour and the daily. If it can't break the resistance around the 50.36 range i'd be looking to short this stock! It's also showing bearish price action on the 4hr chart and the daily renko chart is bearish.
I'm looking for a short on the Eur/Jpy. The pair has shown some nice price action suggesting that the pair is going to head downward. We are also in a weekly supply zone and the weekly renko bars are bearish.
I'm looking at getting long on GPRO at these demand levels.
Remember before entering the trade we need to follow the supply and demand trading steps.
2. Price Action
The USD/JPY is clearly bullish on the daily and it is going to be coming into some nice fresh 4hr demand levels. I will be looking for prices to bounce off of these levels back up to the nearest supply.
As all of you know GPRO took a massive tumble this last Friday due to earnings falling short of expectations. However there is a big daily demand level around the $39 dollar level. I would look for a bullish bounce off this level for a short term swing trade.
With GPRO'S earnings being released on Thursday, I thought it was important for my fellow traders to be aware of the supply and demand levels. I will be looking to short GPRO around the $48.23 Supply level being that it is a major selling off area and it's a fresh level. You can either take the trade off of price ...