DOW JONES INDEX│ US30 │ PRE-CPI ANALYSIS │ 11 JUNE 2024
- Daily timeframe
Finding it very difficult to build a solid bias if I am honest. North of current price action, lies imbalance in the form of fair value gaps and south of current price action resides a ton of clearly visible lows where sell side liquidity is accumulated.
- Bullish Scenario
A case can be made for bullish price action on the basis that we just retraced after taking old high liquidity, as annotated on this chart [tradingview.com/x/j8Adkarv/]
- Bearish Scenario
A case can also be made for bearish price action when taking into consideration the delivery from the old high all the way to current price action. [tradingview.com/x/QlDCguSJ/]
But if you look close enough you will realize we are just in an expanded range. My solution in times like this is to just trade what the session/day is doing, not holding trades over an extended period.
- Four-hour timeframe
We tapped into a bullish fair value gap and also took out some sell side liquidity along with it so this bullish price action we are seeing now is to be expected.
- 15-minute timeframe
Testament to what you are seeing on the current four candle is the 15-minute bos/choch whatever you want to label it as. We also took out the sell side liquidity from the Asian range so it only makes sense that we at least head for the buy side liquidity, which coincidently is also relative equal highs
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