Currently at the no trade zone.
Made a trend reversal and expecting pullback for the previous bullish action.
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Scenario Buy:
1. Confirmation - Close above 1824.
2. Pullback - Nearest better price
3. entry - bullish engulfing of the pullback
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Scenario Sell:
1. Confirmation - Close below 1812.
2. Pullback - Nearest better price
3. entry - bearish engulfing of the pullback.
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Expecting sell as its at the sellers area and the buy momentum is getting exhausted in 1H. Even for sell scenario, since the sell range is higher, expect volatility for fetching sell liquidity.
Contrarian POV - CPI data is about to be released in two days, as the forecast is having higher inflation than previous estimate, we can expect the market to discount the news early as its obvious to have higher inflation. This may be a factor for early bullish action bias.
Made a trend reversal and expecting pullback for the previous bullish action.
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Scenario Buy:
1. Confirmation - Close above 1824.
2. Pullback - Nearest better price
3. entry - bullish engulfing of the pullback
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Scenario Sell:
1. Confirmation - Close below 1812.
2. Pullback - Nearest better price
3. entry - bearish engulfing of the pullback.
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Expecting sell as its at the sellers area and the buy momentum is getting exhausted in 1H. Even for sell scenario, since the sell range is higher, expect volatility for fetching sell liquidity.
Contrarian POV - CPI data is about to be released in two days, as the forecast is having higher inflation than previous estimate, we can expect the market to discount the news early as its obvious to have higher inflation. This may be a factor for early bullish action bias.