Context:
Monthly – Uptrend (UT)
Weekly - UT tentatively confirmed. Last week value moved just a bit lower comparing to preceding week, which signals down movement exhaustion.
Daily – broken downtrend (DT).
Microstructure:
Excess at the high, excess at the low
Last day:
Price moved to the top of the range, finding some acceptance and setting weekly HL
Conclusion: setting weekly HL opens door for weekly UT continuation (move up to 31800 and higher). There is a few orange flags though: while technically confirmed weekly HL is set by a relatively small margin (not very convincing). There is quite significant excess at the high. Daily UT is still not confirmed.
A patient trader would wait for daily HL being set before entering LONG. Ideally, it should happen somewhere at range value-area-high (VAH) (29100 - 29300)
The worst case scenario for buyers would be price moving to the bottom of the range, breaching weekly low, even by small margin (weekly outside bar will nullify all considerations)
Disclaimer
I don't give trading or investing advices, just sharing my thoughts
Monthly – Uptrend (UT)
Weekly - UT tentatively confirmed. Last week value moved just a bit lower comparing to preceding week, which signals down movement exhaustion.
Daily – broken downtrend (DT).
Microstructure:
Excess at the high, excess at the low
Last day:
Price moved to the top of the range, finding some acceptance and setting weekly HL
Conclusion: setting weekly HL opens door for weekly UT continuation (move up to 31800 and higher). There is a few orange flags though: while technically confirmed weekly HL is set by a relatively small margin (not very convincing). There is quite significant excess at the high. Daily UT is still not confirmed.
A patient trader would wait for daily HL being set before entering LONG. Ideally, it should happen somewhere at range value-area-high (VAH) (29100 - 29300)
The worst case scenario for buyers would be price moving to the bottom of the range, breaching weekly low, even by small margin (weekly outside bar will nullify all considerations)
Disclaimer
I don't give trading or investing advices, just sharing my thoughts