Trading Journal Entry – [12 May 2025]
Trade Setup:
Currently executing a market sell as price is trading at an important resistance zone.
Rationale:
Analysis on the higher timeframes (H4/Daily) reveals that price is testing a major resistance area, previously respected as a strong turning point in the past. This level has acted as a key supply zone, where sellers have consistently entered the market and driven price lower. The current approach into this zone lacks strong bullish momentum, and there are early signs of rejection wicks and bearish candles forming at the top.
Additionally, the broader market context suggests the recent rally may be a corrective move within a longer-term downtrend. This adds confluence to the idea that the resistance zone could once again act as a ceiling, prompting a potential move to the downside.
Trade Setup:
Currently executing a market sell as price is trading at an important resistance zone.
Rationale:
Analysis on the higher timeframes (H4/Daily) reveals that price is testing a major resistance area, previously respected as a strong turning point in the past. This level has acted as a key supply zone, where sellers have consistently entered the market and driven price lower. The current approach into this zone lacks strong bullish momentum, and there are early signs of rejection wicks and bearish candles forming at the top.
Additionally, the broader market context suggests the recent rally may be a corrective move within a longer-term downtrend. This adds confluence to the idea that the resistance zone could once again act as a ceiling, prompting a potential move to the downside.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.