We have two sell zones on this chart - Supply Zone 1 and 2. I so much favour SZ 1 because of the downward momentum. However, we have liquidity above the zone and the price might tap slightly above it into SZ 2 before moving down.
Suply Zone 1
If the price pushes up to this zone, I will look for candle reversal pattern with signs of strength and sell.
Supply Zone 2
If the price breaks above the SZ1 around 16400 area and taps into SZ 2, I will look for a bearish reversal pattern and sell.
Both setup will be invalidated if we have a break and close above 16460 area.
Note: I always look for candle reactions around the Supply and Demand Zones before I engage. The only time I don't do that is when I will not be around to monitor the trade.
Thanks
MatrixPip
Suply Zone 1
If the price pushes up to this zone, I will look for candle reversal pattern with signs of strength and sell.
Supply Zone 2
If the price breaks above the SZ1 around 16400 area and taps into SZ 2, I will look for a bearish reversal pattern and sell.
Both setup will be invalidated if we have a break and close above 16460 area.
Note: I always look for candle reactions around the Supply and Demand Zones before I engage. The only time I don't do that is when I will not be around to monitor the trade.
Thanks
MatrixPip
Note
We got a nice reaction (over 100 points) from Supply Zone 1. Now the price is moving to SZ 2. Let's watch this area.
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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.