Starting as always with the monthly chart, (the highest time frame in my order of charts for position trades), the monthly downtrend was broken with the close of trading in March. So going by the strategy rules the monthly trend has gone into consolidation.
Therefore we are allowed to buy and sell.
To determine the most appropriate action to take of the 3 possible options available (Buy, sell or do nothing), let's look at where price is currently
On the monthly chart price has arrived at a supply zone, an area where previously, selling overwhelmed buying. Definitely not a place to be initiating long positions.
This view is further reinforced by the fact that on the weekly chart as shown, price is also currently at a weekly supply zone.
So our decision is made - look to exit long positions if long from lower price levels . Secondly, we are now allowed to start looking for selling opportunities on the lower time frames in our chart order (remember, M-W-D is the order for this analysis)
Entries short will be on the daily chart if they arise.
StorehouseAnalytics
Therefore we are allowed to buy and sell.
To determine the most appropriate action to take of the 3 possible options available (Buy, sell or do nothing), let's look at where price is currently
On the monthly chart price has arrived at a supply zone, an area where previously, selling overwhelmed buying. Definitely not a place to be initiating long positions.
This view is further reinforced by the fact that on the weekly chart as shown, price is also currently at a weekly supply zone.
So our decision is made - look to exit long positions if long from lower price levels . Secondly, we are now allowed to start looking for selling opportunities on the lower time frames in our chart order (remember, M-W-D is the order for this analysis)
Entries short will be on the daily chart if they arise.
StorehouseAnalytics
Be careful what you think because your thoughts run your life..King Solomon
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Be careful what you think because your thoughts run your life..King Solomon
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.