Monthly: Bearish . Even though price has not entered my ideal sell zone between 109.00 and 113.00, there is a divergence on the monthly TF. So, there is a chance that market will start to drop before reaching my ideal sell zone. The current price is also at a sell zone which has been tested previously. But because it has been tested previously, the chances of price breaking through this zone is there. As such, there will be a few levels that I will be selling.
Weekly: Bearish . Same reasoning as the above.
Daily:
Bearish divergence.
There is an increase in the buying volume on 28/April/2022, the body of the candle is a strong bullish candle, however, the subsequent candle on 29th was a bearish candle, indicating there is not enough demand to push the price higher.
H1: Market made a Break of Structure (BOS) which acts a confirmation for market to drop further. Waiting for price to re-enter the POI zone before we can place a trade.
Considering that my bias is a strong bearish , the following price points would be the areas that I would be interested to sell and stack my positions.
Entry 1: 102.05
Entry 2: 109.20
SL: 102.40 (I don't use SL because I will stack my positions until it goes to my direction).
TP: 97.95
Weekly: Bearish . Same reasoning as the above.
Daily:
Bearish divergence.
There is an increase in the buying volume on 28/April/2022, the body of the candle is a strong bullish candle, however, the subsequent candle on 29th was a bearish candle, indicating there is not enough demand to push the price higher.
H1: Market made a Break of Structure (BOS) which acts a confirmation for market to drop further. Waiting for price to re-enter the POI zone before we can place a trade.
Considering that my bias is a strong bearish , the following price points would be the areas that I would be interested to sell and stack my positions.
Entry 1: 102.05
Entry 2: 109.20
SL: 102.40 (I don't use SL because I will stack my positions until it goes to my direction).
TP: 97.95