I'm sure many of you have heard about fears of trading on Sundays. Some call it "Trap day" which is a term used to describe a consolidating market. This happens quite frequently on the weekends and we usually will not see a major move until later on in the week.
Since it is a Sunday in the market, I will just be setting up my charts.
In the chart you can see that price is on a long term uptrend (based off of the 4hr) and a short term downtrend (looking at the 1HR). I will be looking to take trades going in the direction of the longer trend.
Now price has recently bounced off of the 1HR trendline and also bounced off of my 4HR confluence zone1 and also has broken through 1HR Confluence Zone2 with a bearish dark cloud cover to confirm the move. I will be looking to take a long position in between 1HR Confluence Zone3 and 4HR Confluence Zone 2. For now I will sit aside and wait for further action.
Since it is a Sunday in the market, I will just be setting up my charts.
In the chart you can see that price is on a long term uptrend (based off of the 4hr) and a short term downtrend (looking at the 1HR). I will be looking to take trades going in the direction of the longer trend.
Now price has recently bounced off of the 1HR trendline and also bounced off of my 4HR confluence zone1 and also has broken through 1HR Confluence Zone2 with a bearish dark cloud cover to confirm the move. I will be looking to take a long position in between 1HR Confluence Zone3 and 4HR Confluence Zone 2. For now I will sit aside and wait for further action.