Ready for a Move
Circled are at .78 Fib retracement you can see two wicks - these were two quick rejections.
I was able to sell both of them and took some profit today at yesterdays VPOC today.
HOWEVER look at this price action, it went nowhere today yet managed to sweep longs and shorts.
We are sitting at the top of a multi-month trend line (see related ideas) , we are also sitting on the weekly and monthly VWAPS.
We have completely balanced - and now here comes the move.
Looking at the RSI on the back test you'll notice how weak it is - and it was quick (barely got filled)
Targets : the obviously one is the VPOC shown at 1872, HOWEVER There are more. I believe we could see 1836 to 1818. There are VPOCs there and high volume nodes to offer support.
Plan: If you we get one more back test (fake move) you can take a short in the highlighted area yellow box - if price shows strength past the .78 Retracement - its invalidated.
To get into this trade you might have to do so at the Asian open at 9 EST. Mostly likely they try to ramp it and sell it to retail on their open.
Related publications
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.