Platinum has reached an important poi. Could be poised to take a fall.
It may take some time, as the USD has been weakened by slightly better inflation news, so we'll see.
The D1 momentum is bullish , currently, so waiting for confirmations for sells is the best course of action.
Look for bearish price action at current levels.
FOMC tomorrow at 14:00 EST. WIth the expected rate hike, this should trigger a risk off environment, and the markets should drop. But pre-news announcement... there will will opportunities to get in positions with the banks!
FOMC and GDP numbers for Q2 loom large next week. With an interest rate hike, coupled with a higher than expected number for the GDP, a risk off environment will kick off, sending the USD pushing higher and the markets will begin a bear leg.
* The US will be in a technical recession if those numbers come in higher than expected, as this would make it two...
Price has swept the low for LQ, and now pulling back for a correction, as expected. The noteworthy point to make is, it took out a demand zone in the process. Now, price is pulling back to the supply zone that broke the demand. It is a potential "demand2supply flip." I love these. I am looking for a sell setup as price enters the supply.
No setup, no trade.
This is at the midpoint of the 4H supply. 3 HHs into it, and I believe 3 is the charm. 15m Choch x2, so I feel good about the entry. There is LQ to sweep going into the 15m SZ, which is something I always look for.
The target is the sell side LQ ($)
Please refer to my previous video for the full analysis. Link below in Related Ideas.
The bearish englufer made the entry easy. Wait for the base candle (bullish) to be retested by the candle forming after the engulfer.
On the LTFs, it is a break of market structure. The pullback after the break is the high probability entry.
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Price seems to be displaying a change of character, shifting from bearish to bullish momentum. This presents an opportunity to take a short term long position. Waiting for a confirmation entry is key here.
Allow me to show you how I do it.
Price had reached an area where there were previous rejections... but I was waiting for the sweep of Liquidity first.
Once that was done, then I look for the double confirmation entry.
Here's the breakdown.....
Adjusting to the price action, an updated look at the current market shows price is bearish, making LHs and LLs. It is now at a what I believe is a valid demand zone. I am looking for bullish PA that may indicate a market shift here, where the market may be turning from bearish to bullish momentum.
Price HTF broke structure and retracing now, trading into an unmitigated, imbalanced demand zone. I like this OB, as it is the origin of the bullish impulse that led to a BOS.
Looking for bullish PA on LTFs at this level to see if there is a CE (Confirmation Entry) made available.
Price is in an uptrend on the HTFs, but is bearish on the 15M. This bearishness may be short term, as price is potentially making a HL.
The possible pivot points are our marked POIs, where I will look to enter long.
No confirmation, no trade. I need to see price shift from bearish to bullish momentum before any long entry.