Weekly:
Price has double topped on the weekly time frame, hasn't broken the high of 168.710 or the low of 155.609, from a macro perspective price is technically still in an up-trend
Daily:
Price has triple topped on the daily time frame, hasn't broken the high of 168.710 or the neckline low of 161.727, the daily candles are in a weak bullish up trend
Lower time frames:
Price has attempted to double top the 167.855 however fell short on the second rally up at 167.444. Price is slowly making its way back up to key supply areas highlighted in red
Price has retested the 164.646, and since then has continued to go up in a tight regression channel inducing prospects to take a position.
Trading Plan:
For now I will be looking to enter positions on the up trend retracements and looking for a short scalping opportunity on potential 'long squeezes' in major supply area's highlighted in red.
Long and Short scalp positions if timed correctly and managed sensibly can be profitable. Managing risk is key.
Green arrows are accompanied by long tool, red arrows are not accompanied by short tools as this is not my main focus but an opportunity to watch out for.
Price has double topped on the weekly time frame, hasn't broken the high of 168.710 or the low of 155.609, from a macro perspective price is technically still in an up-trend
Daily:
Price has triple topped on the daily time frame, hasn't broken the high of 168.710 or the neckline low of 161.727, the daily candles are in a weak bullish up trend
Lower time frames:
Price has attempted to double top the 167.855 however fell short on the second rally up at 167.444. Price is slowly making its way back up to key supply areas highlighted in red
Price has retested the 164.646, and since then has continued to go up in a tight regression channel inducing prospects to take a position.
Trading Plan:
For now I will be looking to enter positions on the up trend retracements and looking for a short scalping opportunity on potential 'long squeezes' in major supply area's highlighted in red.
Long and Short scalp positions if timed correctly and managed sensibly can be profitable. Managing risk is key.
Green arrows are accompanied by long tool, red arrows are not accompanied by short tools as this is not my main focus but an opportunity to watch out for.