Required Daily Process
Part 1 - The Overview
1) 1D/4H IT - Bullish
2) Price is currently in the Daily Resistance Zone, which offers confluence with the top of the 4H channel.
3) A very old Daily channel has been broken, but I am not convinced of continuation as we have seen multiple deviations from the range since COVID.
4) Monthly Sentiment - Bullish / Weekly Sentiment - Bullish
Part 2 - The Day-2-Day
5) 15M/1H MS has remained organized.
6) The previous day's Value Area (VA) could be revisited as support in the next 1-2 trading days. Or sooner depending on how this 4H channel holds
7) Rejection VA is developing today, with sellers coming in at the highs.
8) A retest of the recent day's VA, confluent with channel boundaries would be a long opportunity, at the very least for tight profit targets.
9) 38.2%/50% of the last rally can be found right under the channel high. At this position i am only comfortable taking scalping positions.
Part 3 - Execution
10) Alert set on daily channel boundary. No orders set.
11) My current thesis is price sits at a decision point. Whether we make a full move outside the range (take weekly Resistance), or does price close back inside the channel.
12) Prepared to wait for a full position. Comfortable with scalping in the direction of the existing trend..
Part 1 - The Overview
1) 1D/4H IT - Bullish
2) Price is currently in the Daily Resistance Zone, which offers confluence with the top of the 4H channel.
3) A very old Daily channel has been broken, but I am not convinced of continuation as we have seen multiple deviations from the range since COVID.
4) Monthly Sentiment - Bullish / Weekly Sentiment - Bullish
Part 2 - The Day-2-Day
5) 15M/1H MS has remained organized.
6) The previous day's Value Area (VA) could be revisited as support in the next 1-2 trading days. Or sooner depending on how this 4H channel holds
7) Rejection VA is developing today, with sellers coming in at the highs.
8) A retest of the recent day's VA, confluent with channel boundaries would be a long opportunity, at the very least for tight profit targets.
9) 38.2%/50% of the last rally can be found right under the channel high. At this position i am only comfortable taking scalping positions.
Part 3 - Execution
10) Alert set on daily channel boundary. No orders set.
11) My current thesis is price sits at a decision point. Whether we make a full move outside the range (take weekly Resistance), or does price close back inside the channel.
12) Prepared to wait for a full position. Comfortable with scalping in the direction of the existing trend..
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.
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.