MTL has dropped over 10% in the past few hours and it’s a beautiful thing. I'm suspecting a possible bounce around the 1.33 to 1.34 range, and if indicated, will catch a long trade from there. My TA is plain and simple.
Price was pulled down, level by level, in order to revisit and correct the market imbalances that developed over the last couple of days. Lucky for us, the momentum of this retracement created a whole new group of imbalances on the downside that I anticipate will drive price right back up. From this level (1.33-ish), the new FVG's are now closer, and in my opinion, more likely to attract price to the upside. This is how I'm set up.
Entry: 1.33 - 1.35
TP1: 1.467
TP2: 1.535
TP3: 1.629
Stop: 1.29
If price continues down, I may short to 1.22
Price was pulled down, level by level, in order to revisit and correct the market imbalances that developed over the last couple of days. Lucky for us, the momentum of this retracement created a whole new group of imbalances on the downside that I anticipate will drive price right back up. From this level (1.33-ish), the new FVG's are now closer, and in my opinion, more likely to attract price to the upside. This is how I'm set up.
Entry: 1.33 - 1.35
TP1: 1.467
TP2: 1.535
TP3: 1.629
Stop: 1.29
If price continues down, I may short to 1.22
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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.