I will be using 3 strategies//concepts to analyze price here
Demand and Supply Strategy
Price is currently trapped within a demand and a supply region and both regions are currently bouncing Price about but one needs to break in order for Price to continue trending.
I favor the demand zone to break because
1. We are currently in a downtrend
2. The rejections from the demand zone are weak compared to the rejections from the supply zone which were sharp and fast
I would suggest selling from 1926- 1928 because Price would retest the Supply zone to pick up more orders before it shoots down towards the next demand zone at 1905-1907
Elliot Wave Strategy
Price is currently running 5 waves down, and looking at the chart we have highlighted and completed wave i through to iv.
Wave ii retraced 61.8% of wave i which means wave iv would retrace not more than 50% of wave iii which we saw last Friday when Price peaked at 1929.69
We can see a divergence in Price and MACD of wave ii and wave iv, which means a continuation of downtrend is inbound and according to Elliott wave, its the beginning of wave v down to 1907-1905 region which marks the 1.272 extension of wave 1
SMC and ICT
From the 15mins chart, it can be seen that Price has done a CHoCH/MSS, and it left an area of FVG/Imbalance in a discount area while doing that.
We expect Price to trade back into that FVG/Imbalance and mitigate the 5min OB before we see another massive move to the downside
RIsk Management is advised
I would love to hear your thoughts 🤔 on this, so feel free to leave a comment ✍ if any of the concepts makes sense to you or not.
Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕
Demand and Supply Strategy
Price is currently trapped within a demand and a supply region and both regions are currently bouncing Price about but one needs to break in order for Price to continue trending.
I favor the demand zone to break because
1. We are currently in a downtrend
2. The rejections from the demand zone are weak compared to the rejections from the supply zone which were sharp and fast
I would suggest selling from 1926- 1928 because Price would retest the Supply zone to pick up more orders before it shoots down towards the next demand zone at 1905-1907
Elliot Wave Strategy
Price is currently running 5 waves down, and looking at the chart we have highlighted and completed wave i through to iv.
Wave ii retraced 61.8% of wave i which means wave iv would retrace not more than 50% of wave iii which we saw last Friday when Price peaked at 1929.69
We can see a divergence in Price and MACD of wave ii and wave iv, which means a continuation of downtrend is inbound and according to Elliott wave, its the beginning of wave v down to 1907-1905 region which marks the 1.272 extension of wave 1
SMC and ICT
From the 15mins chart, it can be seen that Price has done a CHoCH/MSS, and it left an area of FVG/Imbalance in a discount area while doing that.
We expect Price to trade back into that FVG/Imbalance and mitigate the 5min OB before we see another massive move to the downside
RIsk Management is advised
I would love to hear your thoughts 🤔 on this, so feel free to leave a comment ✍ if any of the concepts makes sense to you or not.
Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕
Trade active
Price has given a reaction at the supply zone and it also closed below after taking New York's liquidityNote
First TP achieved 🤑💰💰💰Trade closed: target reached
Final target reached 💰🤑💰✅. Follow me for more
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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.
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.