Price is approaching a supply zone which is inside a bigger daily supply zone (blue lines).
The big picture looks good because price are near extreme highs, so more willing sellers could step in.
Also the quick rise without major retracements is a sign over overextension and exhaustion.
The orange line represents a tweaked entry based on the hourly chart. The red line would be the regular entry, but for better risk:reward a tweaked entry can be considered.
TP 3R
B.E. 2R
Cancel if price bounces off from the lower red line...
The big picture looks good because price are near extreme highs, so more willing sellers could step in.
Also the quick rise without major retracements is a sign over overextension and exhaustion.
The orange line represents a tweaked entry based on the hourly chart. The red line would be the regular entry, but for better risk:reward a tweaked entry can be considered.
TP 3R
B.E. 2R
Cancel if price bounces off from the lower red line...
Order cancelled
Entry missed by a few pips
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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.