Market Structure :
Price made a strong bullish move and is now showing signs of a retracement from a clear supply zone around the recent highs. The impulsive leg is being respected, and the market has started pulling back from the top.
Key Technical Points:
Supply Zone marked where price reversed aggressively.
Fibonacci retracement levels drawn from the swing low to the swing high.
Price currently sitting between the 38.2% and 50% retracement zone.
The 61.8% - 78.6% zone, along with ascending trendline support (in orange), creates a confluence area for a possible bullish reaction.
Two potential entry zones are highlighted:
1. Near the trendline and fib golden zone
2. Deeper retracement near OB demand zone and the 78.6% level.
Bias:
Bullish continuation if price respects the trendline and demand zones. Waiting for confirmations like bullish engulfing or break of structure from lower timeframes before entry.
Risk Management:
SL below demand zone. TP targeting retest of supply zone or potential breakout depending on momentum
Price made a strong bullish move and is now showing signs of a retracement from a clear supply zone around the recent highs. The impulsive leg is being respected, and the market has started pulling back from the top.
Key Technical Points:
Supply Zone marked where price reversed aggressively.
Fibonacci retracement levels drawn from the swing low to the swing high.
Price currently sitting between the 38.2% and 50% retracement zone.
The 61.8% - 78.6% zone, along with ascending trendline support (in orange), creates a confluence area for a possible bullish reaction.
Two potential entry zones are highlighted:
1. Near the trendline and fib golden zone
2. Deeper retracement near OB demand zone and the 78.6% level.
Bias:
Bullish continuation if price respects the trendline and demand zones. Waiting for confirmations like bullish engulfing or break of structure from lower timeframes before entry.
Risk Management:
SL below demand zone. TP targeting retest of supply zone or potential breakout depending on momentum
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.