Strong rejection of supply zone // short +500 points possible
Hey everyone !
we could observe that nasdaq rejected strongly the 11 300lvl (which is an important supply zone/resistance) engulfing the whole last green candle. that mean that the whole bullish momentum ended at this moment. Bears took control over the market at the moment that this big green candle was engulfed
After this, bears took profit and bulls tried a last intent to bring the price higher but failed to do so which lead to the formation of a lower high which confirm that the trend is reversing
based on price action and supply zone/demand zone analysis, we should see a huge correction today. And an optimal short entry is now avaiblable with tight stop loss
taking partial profit at 11 000 would be recommended and aiming for 10 700 as a target
we could observe that nasdaq rejected strongly the 11 300lvl (which is an important supply zone/resistance) engulfing the whole last green candle. that mean that the whole bullish momentum ended at this moment. Bears took control over the market at the moment that this big green candle was engulfed
After this, bears took profit and bulls tried a last intent to bring the price higher but failed to do so which lead to the formation of a lower high which confirm that the trend is reversing
based on price action and supply zone/demand zone analysis, we should see a huge correction today. And an optimal short entry is now avaiblable with tight stop loss
taking partial profit at 11 000 would be recommended and aiming for 10 700 as a target
Trade active
Comment:
this cypher pattern in 30m timeframe confirm that the entry is correct
Trade closed: stop reached:
These are things that happen. fortunately the risk management exist