Weekly Candle has bounced off the weekly support area. Daily candle closed bullish engulfing after Fridays Non Farm Payroll numbers were released. This supports a bullish bias going into the new week. We can expect a continuation to 1850 and 1862 in the next couple days. 15 Minute chart has taken sellside and then given us a market structure shift as annotated....
Price needs to hold at 33500 and show signs of downward momentum at the supply zone after closing the FVG on the daily TF. If we get a clear change of character on the LTF then we can start placing shorts.
US30 Update To My Last Published Idea - Over 10000 Pips Taken
Would like to see price show signs of weakness and tap into the H4 supply and fair value gap before giving us a lower timeframe shift in market structure to confirm our short bias. Should CPI inflation report come in hotter than expected, we will definitely see the markets react negatively to this. This will also be good basis for our short position as it aligns...
My Breakdown for the S&P500 for CPI on the 14th February 2023 - Would like to see price show signs of weakness as we approach the H4 Supply zone followed by a minor change in character on the lower timeframes before we go short.
Price has broken the descending channel and is likely to find resistance on the top of the newly formed ascending channel. We can then look out for the retest on the back side of the descending channel. This is where we can expect to take our swing trades for the LONG.
Overall Bias on Nasdaq is still bearish so we will be looking for short opportunities at around 1325 to 13350 in line with our descending channel. However should price take out the highs and give us a confirmed BOS of Major Structure, along with a breakout of the channel, we will look to go long on the retest of the backside of the channel.
'30 Breakdown for the upcoming month. Overall bias bearish so we will be looking for shorts in the upcoming week as price has u-turned on this channel 4 times now. However should price breakout of the current descending channel and give us the confirmed BOS to the upside, we can start looking for longs on the retest of the back side of the channel.