Since the large bounce from the weekly lows we saw last friday, which we capitalised on, price made a bullish change of character on the intraday timeframes by breaking above the previous swing high and forming a new HH. This indicates a potential change in short term momentum. However on the weekly TF price left a wick to fill to the downside. We can also identify the demand which caused the change of character has not yet been mitigated therefore it will act as a magnet for the market and it will attract the PA towards this price, if we get a nice retracement move into the identified area i will be looking on the LTF for entry confirmations to long - targeting the next daily supply.
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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.