Monthly/Weekly uptrend, we are in a possible distribution schematic (Wyckoff)
Daily Downtrend
Depending on future price action, I will consider selling the daily area (blue line) as the UTAD of this schematic.
If price dips before upthrust into Daily zone below current price (blue line), I would consider buying that area up and taking profit at the latest at the Daily high. This zone seems valid to me because of the imbalance above it (orange box), and the fast move away it had in previous price action. There's also significant equal lows to break through to collect liquidity. Either way, I think we are going down sooner or later. The question is how significant the upthrust is.
With a situation like this, I will probably wait to see if price reacts the way I want it to, and enter in on a smaller time-frame when/if it does.
Daily Downtrend
Depending on future price action, I will consider selling the daily area (blue line) as the UTAD of this schematic.
If price dips before upthrust into Daily zone below current price (blue line), I would consider buying that area up and taking profit at the latest at the Daily high. This zone seems valid to me because of the imbalance above it (orange box), and the fast move away it had in previous price action. There's also significant equal lows to break through to collect liquidity. Either way, I think we are going down sooner or later. The question is how significant the upthrust is.
With a situation like this, I will probably wait to see if price reacts the way I want it to, and enter in on a smaller time-frame when/if it does.