I took a little closer look at this, and the closer I was looking, the bigger the picture was needed, in the end 6 month chart was finally revealing what is going on. I would be only lookign at longs
6 MONTHS LONG:
I am expecting to break previous highs (1,07799) on 6 months and deeper penetration in supply zone.
1 MONTH LONG:
Here is a tricky part, I expect eventually to go to supply area higher, but it can go lower anywhere, before the arrival in that zone, we also have a strong S/R line at 1,005x area which might also act as a strong support and we can bounce before lower demand. At that s/r line there might be some big demand zone in lower timeframe so lets look at weekly if we can find one.
WEEKLY LONG but too high on the curve, longs on pullbacks:
From all corners this ia a very bullish chart. We have two supply zones where price should make a reaction but only to lower demand zone at 1,0088 where we should expect furter continuation. By rules we have to take both zones to short, if 1st one is not working we have to take the other one. It's a valid short but it's a countertrend trade in my opinon. And profit margin for this short is also not that good. I would be looking only for longs, but this is a weekly chart so there might be very good shorts on D1/H4 charts if we see a reaction from those supply zones on weekly chart. Hope this helps…
6 MONTHS LONG:
I am expecting to break previous highs (1,07799) on 6 months and deeper penetration in supply zone.
1 MONTH LONG:
Here is a tricky part, I expect eventually to go to supply area higher, but it can go lower anywhere, before the arrival in that zone, we also have a strong S/R line at 1,005x area which might also act as a strong support and we can bounce before lower demand. At that s/r line there might be some big demand zone in lower timeframe so lets look at weekly if we can find one.
WEEKLY LONG but too high on the curve, longs on pullbacks:
From all corners this ia a very bullish chart. We have two supply zones where price should make a reaction but only to lower demand zone at 1,0088 where we should expect furter continuation. By rules we have to take both zones to short, if 1st one is not working we have to take the other one. It's a valid short but it's a countertrend trade in my opinon. And profit margin for this short is also not that good. I would be looking only for longs, but this is a weekly chart so there might be very good shorts on D1/H4 charts if we see a reaction from those supply zones on weekly chart. Hope this helps…