In today's market update, I maintain a neutral stance. While we saw a breakout yesterday, price has since been rejected at the 1-hour resistance. The key area I'm watching is the 4-hour demand zone.
Since the overall trend on higher timeframes remains bearish, I plan to wait until price reaches this level—I'm cautious about entering long positions. If price clearly rejects bullishly from the 4-hour demand zone, I will go long.
However, if the 4-hour demand zone breaks down, I'll look for a short position on a retest of this zone.
Since the overall trend on higher timeframes remains bearish, I plan to wait until price reaches this level—I'm cautious about entering long positions. If price clearly rejects bullishly from the 4-hour demand zone, I will go long.
However, if the 4-hour demand zone breaks down, I'll look for a short position on a retest of this zone.
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Related publications
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.