Technical screenshots coming.
Monthly Mark up
Weekly mark up
Daily
Monthly Mark up
- The Monthly shows strong upside towards the parity zone as the market structure created an extremely strong monthly bearish candle - where a supply zone had been built up. With the structure now in play from the most recent supply drop - the candle offers no price action zones to align to, meaning price action will build up to daily candle zones and previous structure (monthly and three monthly).
Weekly mark up
- The mark up shows the consolidation zone showing a great build up of price action - the purple line drawn shows the price steadily forming a suppressed price within the demand imbalance. The price broke out of the demand and retested the candle, showing a false breakout (for early buyers) however created a solid liquid pool for buyers to enter and liquidate short sellers.
- Price has now tapped into the weekly PCP and FL supply (at present), price will now head towards a daily imbalance (see daily chart).
Daily
- The daily structure has hit the weekly supply and will now look to the pivot point of the daily demand formed from the leg out (engulfing candle).
- Using confirmations and looking for rejection wicks - the trading session will look towards this zone and form a strong buying position. - The reason for this is due to 17th February 2023 - offering a long rejected wick which will be tested.
