Didnt realise the daily candle closed as it did yesterday. this is a low risk decent probability in working out . a minor s/r zone thats held as support so expecting it to hold as resistance also 50% from where price is now so ive set my orders and will check back later
currently dont have a daily bias for this trade so ill be waiting for that . once ive gotten a daily bias to go long this will be the area i'll play the long of off .. if i get a short bias i will play the retest of TL and retest of the s/r zone there .
according to my rules i should be looking for longs and this area stood out like a sore thumb as you can see this is a pretty clear s/r flipzone target being the highs which price has found it hard to close above
Looking to short the market at this area .. as you cans see from the arrows price has reacted around this zone/level being support/resistance a numerious amount of times, also in line with this level is 76.4 fib and trendline resistance first target being next zone
took a loss on previous level but that had already been tested as support and so didnt hold for long .. this current level is the last pullback area before the big thrust candle also lines up with 61.8 fib of last swing points and in line with a weekly pivot
currently in a triangle and so could break either direction but price has currently made two inside weekly candles so im expecting a break to the upside and a retest of that s/r zone before another leg up or if it breaks to the downside a retest of that s/r & possibly the trendline .. two scenarios lets see what price does
Two setups ill be looking for , either a bounce from daily pivot confluence with 0.5 fib looking for another impulsive move to the upside the other would be a break of the daily pivot and 0.5 fib and play the retest ofcourse with price action
after the impulsive move down which broke the ascending trendline we have had a correction and looks to be in the C wave once its broken this trendline . expecting more downside
