Creation of the Top wick / Weekly Candle / End of Week
There are only two things that can happen on Friday's Daily Candle
1) Price may continue to create a larger weekly candle body or
2) the weekly candle will form a larger wick and retrace
This week we are observing the latter
Price is pulling away from the High prices created during yesterday's New York Session
If the Daily candle closes beneath 1.0762 then we have returned back into the range and will
be eyeing out potential short setups to begin next week.
For Buys I would've preferred that we would have held 1.07615 Daily S/R Zone as we can see it played a key role in pivoting on 6/2, 5/19, and 3/27
Now we continue the range as far as Im concerned. We may pullback to the highs ( 1.0774 and 1.0786) early next week ( Monday/Tuesday ) then dive back to support at 1.069 Daily Support.
1) Price may continue to create a larger weekly candle body or
2) the weekly candle will form a larger wick and retrace
This week we are observing the latter
Price is pulling away from the High prices created during yesterday's New York Session
If the Daily candle closes beneath 1.0762 then we have returned back into the range and will
be eyeing out potential short setups to begin next week.
For Buys I would've preferred that we would have held 1.07615 Daily S/R Zone as we can see it played a key role in pivoting on 6/2, 5/19, and 3/27
Now we continue the range as far as Im concerned. We may pullback to the highs ( 1.0774 and 1.0786) early next week ( Monday/Tuesday ) then dive back to support at 1.069 Daily Support.
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.