Continuous up trend is finally broken at 1st of May and now price is in a demand zone (previous supply). Second good signal I see price is shaping a possible head&shoulders.
On the other hand, in the last hour price shows a rejection, so if demand area will throw the price to north we should wait next visit to the zone for possible breakout. Another thing to...
EURJPY is in important demand zone.
Price may bounce and turn back after this test that's why having stop loss right over the area is needed.
Long term trend is DOWN, in case of rejection trend should change.
There is a nice clue under the area, a very long wick.
This bar might have triggered all buy orders and finish all the buyers in that area. So if there is...
Looks like price is rejected from demand zone, it is a fresh zone (first time tested).
It is a good moment to enter long.
If the price will test the zone again it may break it
Stop loss under the demand area.
Price is approaching to supply zone. The last bar has high volume and downtrend line seems broken. Breaking the resistance is highly probable. But the area rejects the price then go short.
Price is approaching demand area. It will be the 4th visit to zone. The zone starts rally 2 times. If the price idle around the zone it may break it with a high volume bar. In case of rejection, it may test the upper line of the triangle again
Price is approaching to a demand zone but there is a very long spike visibly exceeding the zone. It might imply area is cleaned from buyers already. So wait for the reaction and if area is passed then go short.
NOTE: in case of a rejection buyers will get the control for a while.
Price approaches to supply zone but supply zones are stacked over each other, and in such circumstances it is better to be patient and see the reactions, generally the higher supply level the less risky. Demand zone looks more likely for a rejection.
NOTE: API Weekly Crude Oil Stock data will be published today and I believe it will move the price to these zones.
I am waiting for a possible short position. If the specified supply area will reject the price down way it may also break the triangle line. Occurrence of both signals would increase the probability.
( For rejection I am expecting to see a wick from the most current bars reaches the supply area. )
