I’m anticipating a potential retracement as price has been heavily bullish and is now beginning to show signs of being overbought. After recently breaking major structure to the upside, there’s room for a temporary sell-off as price corrects before continuing higher.
I’ll be watching for possible reactions from the 59-minute demand zone for a minor bounce, but the more ideal long opportunity would be at the 12H demand zone around 1.3300, where structure is cleaner and confluences align.
Confluences for Short-Term Sells:
- A recent change of character (CHOCH) to the downside signals a shift in momentum
- A clean daily supply zone has been left behind that could initiate a deeper pullback
- Significant liquidity below, including the Asia low, ready to be swept
- For price to maintain long-term bullish movement, it must first correct, fill imbalances, and mitigate valid demand levels
P.S. If price drops further and breaks structure, we’ll likely see a new supply zone form. This will provide a closer and more refined opportunity to participate in the move.
Stay sharp and trade safe! 📉📈
I’ll be watching for possible reactions from the 59-minute demand zone for a minor bounce, but the more ideal long opportunity would be at the 12H demand zone around 1.3300, where structure is cleaner and confluences align.
Confluences for Short-Term Sells:
- A recent change of character (CHOCH) to the downside signals a shift in momentum
- A clean daily supply zone has been left behind that could initiate a deeper pullback
- Significant liquidity below, including the Asia low, ready to be swept
- For price to maintain long-term bullish movement, it must first correct, fill imbalances, and mitigate valid demand levels
P.S. If price drops further and breaks structure, we’ll likely see a new supply zone form. This will provide a closer and more refined opportunity to participate in the move.
Stay sharp and trade safe! 📉📈
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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.