Trade Analysis using Supply & Demand trading methodology.
Daily engulfing candle break daily support at 16.76 which indicates a strong change in the current Daily uptrend.
Daily supply at 17.20.
Daily demand at 16.20.
The trade idea is to catch the reversal before it touch the Daily demand level at 16.20 and might potentially reverse up again. Weekly trend is sideway.
Short at retracement to H1 supply (close Daily supply) at 17.12; stop at 17.30 and target at 16.30 (close to Daily demand). Risk/ Reward is 4.56.
If price break through Daily demand at 16.20, the order is no longer valid.
Daily engulfing candle break daily support at 16.76 which indicates a strong change in the current Daily uptrend.
Daily supply at 17.20.
Daily demand at 16.20.
The trade idea is to catch the reversal before it touch the Daily demand level at 16.20 and might potentially reverse up again. Weekly trend is sideway.
Short at retracement to H1 supply (close Daily supply) at 17.12; stop at 17.30 and target at 16.30 (close to Daily demand). Risk/ Reward is 4.56.
If price break through Daily demand at 16.20, the order is no longer valid.