Of particular interest here is the fact that this H4 green zone is bolstered by a daily coming in at 20714-20821 which has been in motion since early March. However, before looking to try and long from here, make sure to take note of the 1:1 correction (see black arrows) that terminates within a H4 demand seen below at 20732-20771, which is also positioned INSIDE the said daily .
Our suggestions: Although the market has shown interest at 20806/20824, we’re drawn to the said H4 demand sitting below, due to the possible 1:1 correction! Our team has collectively decided to take an aggressive stance here and place a pending buy order at 20750 and place a stop at 20710. We’ll look to reduce risk to breakeven and liquidate 50% of our position at 20824.
Data points to consider: No high-impacting news on the docket today.