Since it's following the bearish order flow, I'd expect it to go further until it hits some breakeven level for the premium price. Following are the things I've checked and viewed as confluences for the trade:
1. In premium
2. Bearish order flow
3. Responded from the flip zone
4. Recently responded from the 4H supply zone
5. Anticipating it to breach the recent swing low (which can be a good confirmation of entry)
6. Price is also always pulling from the LTF demand area, so if it breaks the demand area with a strong bearish candle and reverses back to it, I can think of that as another signal for a good pull that can be used to break the swing low
7. Slightly taking on the shape of a bullish wedge formation
These are the intersections that encouraged me to seek an opening here. I hope you are doing well, and kindly ensure you check from your side before taking any decision—this is my opinion only.
Thanks for your time..
1. In premium
2. Bearish order flow
3. Responded from the flip zone
4. Recently responded from the 4H supply zone
5. Anticipating it to breach the recent swing low (which can be a good confirmation of entry)
6. Price is also always pulling from the LTF demand area, so if it breaks the demand area with a strong bearish candle and reverses back to it, I can think of that as another signal for a good pull that can be used to break the swing low
7. Slightly taking on the shape of a bullish wedge formation
These are the intersections that encouraged me to seek an opening here. I hope you are doing well, and kindly ensure you check from your side before taking any decision—this is my opinion only.
Thanks for your time..
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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.