See chart above for analysis:
-Trend = downtrend so any longs will be counter-trend and smaller risk + quick trade management recommended.
-Price inside HTF daily demand
-confirmation 2.0 setup as there was no
quality confirmation created the first time price returned.
-Price broke downward ML
-Price removed opposing pivot supply.
-See the Chart above for an analysis
-Price reaching off of daily/weekly supply
-Shorts valid with confirmation
-Personally will be trading smaller timeframes
but still interesting levels. buy still valid
for day-trading/scalping to the upside
-Price created many RBR in a row which
gave us the ability to draw aggressive upward ML.
-Market overextended and potentially elastic band effect.
-Price broke aggressive ML
-Price removed 2 opposing RBR demand
Am not too sure about a HTF (W or D) but I still
nice little RBD that could also be used as a HTF
See picture for full analysis
1) but right now we have price reacting off of the monthly area of supply zone.
2) Weekly has shown confirmation and long-term position traders have potential short setup.
3) Or traders can consider using the weekly as the HTF supply and wait for new 2-4hr confirmation once price enters the HTF weekly supply.
-Price broke uwpard ML
-Price removed opposing pivot supply
-Valid 1TF swing or use 4hr demand
as HTF and wait for new LTF conf day-trades.
-Spread will be wide + comossions high...
Ideally not for most traders.
Some traders will buy straight up the pullback
back into the demand/support/break-out retest
area while others will wait for a potential Stop hunt
liquidity search of those traders and buy after that
happens. I always like the idea of waiting for confirmation
on smaller timeframes (1hr/4hr)....
What are you looking for?
See the Picture for analysis:
-Trend = uptrend
-Price inside the weekly supply
-Price reacting off of resistance
-Shorts valid with confirmation on a lower timeframe
-Originally there was a nice confirmation a couple of weeks ago but
not price has taken the first step up of being in control by breaking
the lows/range and...