TrendCloud is lining up with several supply zones worth trading. Watch for big winning moves off of these zones
Fibonacci extension tool is showing a 1.41 level inside of a 4 hr demand zone. We also have a measured move on the previous down leg. I suggest to watch this level and not just buy it at this level. Let's see if we get a reaction off the level that we can work with and THEN go through our process to take the trade long.
Downtrend on the 4 hr and 60 min this is a 50% fib retracement level on the 15 min chart inside of a supply zone that has a 4hr TrendCloud component to it.
4h and 60 min charts are in a down trend. Supply zone is fresh and is inside of the 4 hour TrendCloud. Keeps hitting the supply zone on the 1 hour TrendCloud but we are cycling up on the 4 hr and we need to respect the corrective move and that higher timeframe. Therefore I am setting up the supply zone that has a 4 hr TrendCloud within it.
Huge gap down on the NQ that produced a supply zone on the 15 minute chart. We also still have the 30 minute supply zone directly above it. You will never know which one will work but they are both valid entry points to short. We have the previous days open located in the top supply zone as well.
NQ is in an extended trend on the daily chart. 30 min supply zone that broke structure to the left and also previous days open is just below it. If we can take this short and hold onto it until the daily chart hits the 50 SMA then we could make about $14,000 on just the one contract.
This is the setup for the retest of the opening range on GOLD today using the OTA TradingView Tools. We have high timeframe momentum going down and the middle timeframe trend going down. Therefore we are looking for a breakout to the downside and the retest on the rally base drop.