Re-test of Weekly Supply Zone
Updated
Last week pushed up without any liquidity wick to the bottom, based on my experience price only acts like this when it's pushing to a re-test level.
I'm anticipating that prices will push down now that price has hit 1.34300 but I don't know how far it might push down.
From a monthly perspective price is still heading up.
On the weekly price seems to be re-testing a broken demand zone that's now a supply zone.
Finally on the daily price seems to be trapped between 1.34300 and 1.34000.
I took a risky sell based on the weekly but it's too early to determine the direction or when price will top out and drop, it might not drop so I've kept my risk down to an acceptable level.
My goal is to take a small piece of the action because I suspect that price might push up once it taps into the H4 demand zone if It drops.
I might consider taking another sell if price breaks below 1.34000 and pushes for a re-test of this level.
I'm anticipating that prices will push down now that price has hit 1.34300 but I don't know how far it might push down.
From a monthly perspective price is still heading up.
On the weekly price seems to be re-testing a broken demand zone that's now a supply zone.
Finally on the daily price seems to be trapped between 1.34300 and 1.34000.
I took a risky sell based on the weekly but it's too early to determine the direction or when price will top out and drop, it might not drop so I've kept my risk down to an acceptable level.
My goal is to take a small piece of the action because I suspect that price might push up once it taps into the H4 demand zone if It drops.
I might consider taking another sell if price breaks below 1.34000 and pushes for a re-test of this level.
Trade closed: target reached
Note
Woke up early enough to close the trade before it reversed against me. Luckily enough I caught 62 pips, I saw price pulling back up so I knew I had to manually exit because chances were that my tp wouldn't be hit on time.
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