Hi
Using the Volume Profile Tool I am trying to identify my supports and resistances on the 4 Hr time frame and find the following probability
We have broken a small resistance at the 23200 to 23700 area and also beginning to attempt a break out from a longer-term down-trending channel.
Though in its early stages, potentially we could have a test back to 23550/23700 areas and bounce from there.
The volume profile on the longer time frame shows an area of low volume until the 29500/30000 levels and that could be the path of least resistance
for the price to take. It could be a surprisingly brisk move if it decides to happen. Giving us a low-risk high probability trade setup.
The move next week should be interesting to watch
Cheers !!
Using the Volume Profile Tool I am trying to identify my supports and resistances on the 4 Hr time frame and find the following probability
We have broken a small resistance at the 23200 to 23700 area and also beginning to attempt a break out from a longer-term down-trending channel.
Though in its early stages, potentially we could have a test back to 23550/23700 areas and bounce from there.
The volume profile on the longer time frame shows an area of low volume until the 29500/30000 levels and that could be the path of least resistance
for the price to take. It could be a surprisingly brisk move if it decides to happen. Giving us a low-risk high probability trade setup.
The move next week should be interesting to watch
Cheers !!