"Trader's View" - eBook by Zeppelin
This entire movement since December 22nd within that current demand zone is about 13 days of impulsive liquidity that is setting up for proper price action as a corrective move. I'll be watching closely for 9AM openings for the rest of the week to see if…
Tapped into that $140 range after an expected consolidation, while further continuation of a bullish trend on the hourly timeframes.
Also seeing the break above $137 as stated before and creating HH's after retesting for HL's provides a guide for next price action on future HL's as support.
Given that analysis, I'll be looking for more HL retests for proper confirmation on taking longs to reach as high as the $170 range. Generally I want to avoid shorting at impulsive resistance taps, unless it was at the appropriate time of day + market opening time with confirmation.
This would mean we'd short after HH retests during a bulltrend; not recommended but if you play your cards right, you could catch them on the way down to a proper support since the trend is shifting the entire sentiment bullish.
A strong linear regression that appears as a bulltrend on the hourly timeframes is a good sign if we want to see a proper sentiment shift for the daily timeframes.
Also seeing the break above $137 as stated before and creating HH's after retesting for HL's provides a guide for next price action on future HL's as support.
Given that analysis, I'll be looking for more HL retests for proper confirmation on taking longs to reach as high as the $170 range. Generally I want to avoid shorting at impulsive resistance taps, unless it was at the appropriate time of day + market opening time with confirmation.
This would mean we'd short after HH retests during a bulltrend; not recommended but if you play your cards right, you could catch them on the way down to a proper support since the trend is shifting the entire sentiment bullish.
A strong linear regression that appears as a bulltrend on the hourly timeframes is a good sign if we want to see a proper sentiment shift for the daily timeframes.