Short Term Buy, Long Term Sell??

11 Mac

Looks like we are finally breaking out of the 1.73 resistance that has been holding for just over 2 years now so what next?


Looking at the weekly chart buying momentum has slowly been building up around the 1.73 level evident with the lower highs forming and then last weeks huge green candle to push through and close above 1.73. (see daily chart below)





Short term I expect the market to have a quick dip back down towards or below 1.73 and then for buyers to comeback in to push price up towards the huge Monthly sell zone between 1.75 and 1.78. (see image below)





I will be looking for BUY signals on my TRFX indicator on the lower timeframe charts from 1hr up and then entering buying positions, I also may take a more aggressive approach and just buy the first short dip.


My target for the buy position will be above 1.75 though looking at the Monthly charts I can't rule out a spike up to 1.78 or even as high as 1.80.


Once price has entered the Monthly SELL/SUPPLY zone I will then switch my focus to look for evidence of buying momentum slowing down as I fully expect large sellers to start building into positions here and so will I.





As the image above shows each time the market has got this high since 2017 has been followed by large selling back down under 1.60.


Hope you enjoyed the read :)