GU has been very bearish recently and is currently reacting from a clean demand zone with multiple confluences. While we may see a short-term push to the upside, I’ll be watching to see if price reaches the 3hr supply zone sitting at a premium level.
If price does reach that zone, I’ll be on the lookout for signs of Wyckoff distribution and a slowdown in momentum, which could signal the start of another bearish leg.
Confluences for GU Shorts:
Overall bearish trend remains intact — this is a pro-trend setup
Price may retrace to mitigate a 3hr supply zone
Liquidity to the downside still needs to be taken
Current demand zone may simply serve as a trigger for a retracement up to supply
P.S. If price fails to reach the supply zone and continues dropping, we’ll likely see a new break of structure and the formation of a fresh nearby supply zone, which we can then trade from.
Let’s stay sharp and have a profitable trading week ahead! 🔥📊💰
If price does reach that zone, I’ll be on the lookout for signs of Wyckoff distribution and a slowdown in momentum, which could signal the start of another bearish leg.
Confluences for GU Shorts:
Overall bearish trend remains intact — this is a pro-trend setup
Price may retrace to mitigate a 3hr supply zone
Liquidity to the downside still needs to be taken
Current demand zone may simply serve as a trigger for a retracement up to supply
P.S. If price fails to reach the supply zone and continues dropping, we’ll likely see a new break of structure and the formation of a fresh nearby supply zone, which we can then trade from.
Let’s stay sharp and have a profitable trading week ahead! 🔥📊💰
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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.