After establishing a new higher high on the rally, we have run into an old bearish zone from April 2nd and losing gas. This is about the end of this bullish cycle is seems and we are getting hourly chart candle indications of this.
As you see there is a small bit to go before we can establish ourselves back above the bearish fair value gap (balance).
Apparently this bearish FVG was still chock full of pending shorts. We are getting multiple failures to displace above highs I was triggered short.
As we close below the highest bullish candle, we should see a mass closing of longs from its low. First target is the inefficient range below (blue) around 84K
I believe we must go back to around the50% Fib retracement range as always and correct all imbalances and collect all lows within that range. Therefore I am short after the 11p candle pushed up out of the 10p candle but failed to close above.
As always I use failure displacement as a cue to look for a good LTF entry 🫡
4H Review shows massive bearish imbalance:
https://www.tradingview.com/x/azt6qNZG/
As you see there is a small bit to go before we can establish ourselves back above the bearish fair value gap (balance).
Apparently this bearish FVG was still chock full of pending shorts. We are getting multiple failures to displace above highs I was triggered short.
As we close below the highest bullish candle, we should see a mass closing of longs from its low. First target is the inefficient range below (blue) around 84K
I believe we must go back to around the50% Fib retracement range as always and correct all imbalances and collect all lows within that range. Therefore I am short after the 11p candle pushed up out of the 10p candle but failed to close above.
As always I use failure displacement as a cue to look for a good LTF entry 🫡
4H Review shows massive bearish imbalance:
https://www.tradingview.com/x/azt6qNZG/
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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.
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.