Right now price is in a much larger descending channel - indicating we are in an overall down trend. We can see from looking left there is what most retail traders would call a demand zone in anticipation for the market to push higher.
HOWEVER, keeping in mind the higher TF (Daily) and the fact that "the trend is our friend" we can see that price is in fact in this downward descending channel. I will only be looking for SHORT positions this week, especially towards the end of this week with the LAST NFP of 2024. Man, time flew by!
So far price is pushing pretty aggressively towards the downside and I will look for further confirmations (on the lower TF - 15m & 5m) for my exact entries. Thanks for checking out my idea and Happy trading!!
HOWEVER, keeping in mind the higher TF (Daily) and the fact that "the trend is our friend" we can see that price is in fact in this downward descending channel. I will only be looking for SHORT positions this week, especially towards the end of this week with the LAST NFP of 2024. Man, time flew by!
So far price is pushing pretty aggressively towards the downside and I will look for further confirmations (on the lower TF - 15m & 5m) for my exact entries. Thanks for checking out my idea and Happy trading!!
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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.