Price is approaching a weekly supply zone because we're in a downtrend in the weekly, hence supply zones are more focused now. Downtrend broken in the daily, price seems to press higher, over-extended & far away from the mean value. The impulse is so high now. I reckon a HL will be created before reaching the supply zone. Nevertheless, let's talk the odds.
1. Price will bounce from weekly supply zone, drop down, forming a daily supply zone, where price will pullback to retest, and I will sell there on.
or
2. Price will go into a bullish consolidation state up to the daily supply zone nested near the distal line of the WK supply zone. I will not hesitate to place a sell order, regardless of second retests or such.
Let's see what the market brings.
1. Price will bounce from weekly supply zone, drop down, forming a daily supply zone, where price will pullback to retest, and I will sell there on.
or
2. Price will go into a bullish consolidation state up to the daily supply zone nested near the distal line of the WK supply zone. I will not hesitate to place a sell order, regardless of second retests or such.
Let's see what the market brings.
Note
Placed a limit order around the 104.600s.Note
Price has entered killzone.
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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.