A possible tests to supply and demand zones
Hi traders,
I've drawn everything clearly in the chart. I am planning to take a position by the price. That is, if the price hits the nearest supply zone, I will be shorting. If the price makes a wick to the nearest demand zone, I will be longing.
So the point is this: BTC breaks out the range. There is a high likelihood of testing to the important levels of that range. Hence, there are two most critical levels I believe. The first level is specified with blue dotted level, Value Area Low, and the second level is POC (point of control).
The yellow boxes are distortions, which means price has decided its move but those are trick moves.
Nothing is determined. Act as price moves.
Stay safe
I've drawn everything clearly in the chart. I am planning to take a position by the price. That is, if the price hits the nearest supply zone, I will be shorting. If the price makes a wick to the nearest demand zone, I will be longing.
So the point is this: BTC breaks out the range. There is a high likelihood of testing to the important levels of that range. Hence, there are two most critical levels I believe. The first level is specified with blue dotted level, Value Area Low, and the second level is POC (point of control).
The yellow boxes are distortions, which means price has decided its move but those are trick moves.
Nothing is determined. Act as price moves.
Stay safe
Trade active:
I got in when the candle is closed near the supply zone. I believe, with a good candle (hammer), it is good point for entry.
Trade active:
I've took 50% take profit, put my stop loss just above my entry. Now, I will just wait to hit to the drawn demand zone. Even if I get stop-loss, I will be in profit. I suggest the same, take some profit.