On the weekly timeframe, we can see the weekly IC level had attacked the previous high made in April. This gives me a reason to believe there was some sort of manipulation play and therefore the price may magnetize towards this region to satisfy that IC level. However, price may ignore that level for now as there is another set-up playing out in the 4HR timeframe whereby price is creating a bullish corrective wave that is estimated to lead to the 50% of our IC level which is our Optimal Point of Entry (O.P.E). This is a long-term swing trade so the reward is between 1000-2000 pips.
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.