MONTHLY
Price is sitting at a Monthly high zone.
Very very strong Supply & Demand zone as you see, acting as resistance.
We did not break this level since February 2016.
Also nice -68 Fib completion which means a lot on the Monthly.
We are definitely interested in a Short set-up.
Price is sitting at a Monthly high zone.
Very very strong Supply & Demand zone as you see, acting as resistance.
We did not break this level since February 2016.
Also nice -68 Fib completion which means a lot on the Monthly.
We are definitely interested in a Short set-up.
Comment:
4H
I do expect a reversal pattern in the form of a Head & Shoulders on the 4H chart.
We want to break the last Daily HL & ascending trend line first.
Clear Supply and Demand zone at the region of interest.
We want to approach our zone of interest with corrective nature.
If it's approaching impulsive, we want 12H of deceleration.
No deceleration = No trade for me.
I do expect a reversal pattern in the form of a Head & Shoulders on the 4H chart.
We want to break the last Daily HL & ascending trend line first.
Clear Supply and Demand zone at the region of interest.
We want to approach our zone of interest with corrective nature.
If it's approaching impulsive, we want 12H of deceleration.
No deceleration = No trade for me.
Still making HHs and HLs on the Daily chart.
We are in an Ascending channel at the moment.
We want to break out first before considering a Short set-up.
ALWAYS STAY NEUTRAL AND ANTICIPATE ON THE SITUATION.