Positive points of the analysis:
1. Clarity in the market structure (CHoCH + BOS):
It is clear that the market made a CHoCH and then confirmed it with a Break of Structure (BOS), which validates the downward trend change.
2. Well-identified fake out:
The "fake out" just after the BOS and within the 1H-OB is typical institutional behavior. This bullish wick is a trap to induce liquidity before the fall. Excellent reading.
3. Confluence zone (1H-OB + 1H-FVG):
The price rises to mitigate the 1H-FVG within the 1H-OB, providing a very good entry opportunity.
Furthermore, this occurs within the resistance zone, which gives it even more weight.
4. Support zone and target at 3310:
The TP is very well projected at 3310, just below the current support zone. If it breaks that zone, it is highly likely that it will reach the target.
1. Clarity in the market structure (CHoCH + BOS):
It is clear that the market made a CHoCH and then confirmed it with a Break of Structure (BOS), which validates the downward trend change.
2. Well-identified fake out:
The "fake out" just after the BOS and within the 1H-OB is typical institutional behavior. This bullish wick is a trap to induce liquidity before the fall. Excellent reading.
3. Confluence zone (1H-OB + 1H-FVG):
The price rises to mitigate the 1H-FVG within the 1H-OB, providing a very good entry opportunity.
Furthermore, this occurs within the resistance zone, which gives it even more weight.
4. Support zone and target at 3310:
The TP is very well projected at 3310, just below the current support zone. If it breaks that zone, it is highly likely that it will reach the target.
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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.