Heikin Ashi Daily framework with a 1hr timeframe. Price started at top so I want to see if price will retrace to the average zone and head back to the high which is our target. The framework is placed by using the close of the previous day with the open of the new day using the HA chart. This is an unproven strategy I would not recommend trading this set up.
Hiekin Ashi chart - new strategy of using the close of the previous day with the open of the new candle to create an average price zone. The entry follows the daily candle so daily is down and the position taken will be short as it is in the average price zone. This is an unproven strategy and would not recommend trading this idea.
Heikin Ashi chart on the 1hr with a daily framework of open close high low. This is a new idea that the area between the open and close of the daily HA candle provides an average zone. I want to stay in trend with the daily HA candle so my position is short. My entry is at or in the average price zone and my stop loss can be at the high or top of the average price...
Price needs to break supply to move higher. A break in its support below to move price higher will cause a domino effect of testing supports below - price is trying to reach 57.91 where price broke low. I suspect a retrace to lowest support at 39.99 before attempting to reach target above
If price can cross below the current base for the up leg it is in then I will be short - once the bases for the up legs start to fall price should gravitate back to origin of move. Alternatively we get a close above this zone price is in then I would not be short. The base represents buyers pushing price up. A loss of this base will swap buyers to sellers at this level
Price has not built a base for it to move higher and we can see we had buyers right into the demand which is the base for that leg up. Ideally I like to see the swap hold and start testing the above supply and swap areas. If the swap is lost then 1.1259 is bottom of demand and this area needs to hold.
My full break down of this pair is on my chat/blog here on TV trading with pivot points and pivot trend lines - I use supply and demand for entries and targets. Price is above the daily pivot point and steadily building demand to support price - we have a supply zone price is coming to that is already tested and a fresh zone above that one. Four demands below one...