Strong Sell-Off Previously:
The chart shows a sharp downtrend, confirmed by a Change of Character (CHoCH) marking a shift from bullish to bearish structure.
Multiple Lower Highs (LH) and Lower Lows (LL) further validate the downtrend.
Support Zone Identified:
The area marked in blue (buy zone) is a strong demand zone.
It's located at the range low where price has repeatedly tested and rejected (highlighted by Equal Lows (EQL)), suggesting strong liquidity and accumulation.
Shift in Market Structure:
Near the buy zone, a Break of Structure (BOS) and another CHoCH hint at a shift from bearish to bullish sentiment.
The price forms a Higher Low (HL), indicating buyers are gaining strength.
Risk/Reward Favorable:
The long position is placed within the demand zone.
The reward area (green box) is positioned towards the next resistance zone, aligning with a favorable risk/reward ratio.
The chart shows a sharp downtrend, confirmed by a Change of Character (CHoCH) marking a shift from bullish to bearish structure.
Multiple Lower Highs (LH) and Lower Lows (LL) further validate the downtrend.
Support Zone Identified:
The area marked in blue (buy zone) is a strong demand zone.
It's located at the range low where price has repeatedly tested and rejected (highlighted by Equal Lows (EQL)), suggesting strong liquidity and accumulation.
Shift in Market Structure:
Near the buy zone, a Break of Structure (BOS) and another CHoCH hint at a shift from bearish to bullish sentiment.
The price forms a Higher Low (HL), indicating buyers are gaining strength.
Risk/Reward Favorable:
The long position is placed within the demand zone.
The reward area (green box) is positioned towards the next resistance zone, aligning with a favorable risk/reward ratio.
Trade closed: stop reached
Hit SL
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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.
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.