Technical Analysis for EJ on July 8 (Supply and Demand)
Updated
Market Conditions:
Daily, H4, H1 are in an uptrend.
M15 is in a downtrend, and the price has broken below the previous high of M15. This suggests that the price may return to the M15 demand zone. However, the price might not move directly downwards but could first hit the M15 supply zone before moving towards the target.
Setup (as shown in the chart):
Price is around 174.226.
Expect a short-term move up to the M15 supply zone, then a drop to the H4 = H1 demand zone near 173.200.
Entry:
Set up as shown in the chart, entering short positions after touching the M15 supply zone.
Exit:
Take partial profits as the price moves toward the H4 = H1 demand zone.
Recommendation:
Closely monitor price movements and be prepared for potential fluctuations, adjusting your strategy as necessary.
Daily, H4, H1 are in an uptrend.
M15 is in a downtrend, and the price has broken below the previous high of M15. This suggests that the price may return to the M15 demand zone. However, the price might not move directly downwards but could first hit the M15 supply zone before moving towards the target.
Setup (as shown in the chart):
Price is around 174.226.
Expect a short-term move up to the M15 supply zone, then a drop to the H4 = H1 demand zone near 173.200.
Entry:
Set up as shown in the chart, entering short positions after touching the M15 supply zone.
Exit:
Take partial profits as the price moves toward the H4 = H1 demand zone.
Recommendation:
Closely monitor price movements and be prepared for potential fluctuations, adjusting your strategy as necessary.
Trade closed: stop reached
Close with SL
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.