Monthly- Consolidating Weekly- Down Trend Daily- Down Trend 4H- Trending Up but at a triple nested supply zone
Monthly - Monthly upward trend line has been broken, and price has strongly consolidated away from the created supply zone in one candle. Price also seems to respect the opposing monthly demand zone.
Weekly - Price has negated 2 opposing demand zones therefore we have a weekly down trend, Price reached to the monthly demand zone but failed to reach the nested weekly demand zone.
Daily - As we move down to the daily time frame we can see a downtrend. Price is currently retracing but has not made a higher high,
TRADE SETUP - I aim to take this trade at my 4 hour zone because I expect price to retrace to around the 61.8 fib mark which is nested in my 4 hour zone then resume downwards.
Confluence: -Triple nested zone - 2:1 Consolidation away from zones on every time frame - 61.8 Fibonacci Zone - Weekly Support/Resistance Area
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.