I've changed my layout as such - to differentiate between my strategies. Also, those who share this strategy will be aligned as to what I'm discussing too.
Will follow this format from now onwards.
Weekly: UP
Daily: UP
Zone: Supply Zone
Pivot Point: 1.31355
Type of trade: COUNTERTREND
TP: To prev weekly low
Weekly trend has been bullish for the last few months. However, price has reached a massive resistance which hasn't broke structure for years. This signals a possible downward move, as I believe many others are looking at this level.
The daily has been consolidating over the last few days at this price level, signalling exhaustion.
With the Bearish Engulfing and price not closing above the Supply Zone + Pivot Point, it could be a strong start for a bearish movement down.
Not forgetting the bullish momentum over the last few months, I decide to take profit until just the previous weekly low at 1.255 area.
Will follow this format from now onwards.
Weekly: UP
Daily: UP
Zone: Supply Zone
Pivot Point: 1.31355
Type of trade: COUNTERTREND
TP: To prev weekly low
Weekly trend has been bullish for the last few months. However, price has reached a massive resistance which hasn't broke structure for years. This signals a possible downward move, as I believe many others are looking at this level.
The daily has been consolidating over the last few days at this price level, signalling exhaustion.
With the Bearish Engulfing and price not closing above the Supply Zone + Pivot Point, it could be a strong start for a bearish movement down.
Not forgetting the bullish momentum over the last few months, I decide to take profit until just the previous weekly low at 1.255 area.
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