Unfortunately the break happened on a Friday. Will be looking to enter this trade next week as I do not want to hold over the weekend in this type of macro environment.
First of all in terms of market structure, we had an uptrend with defined and multiple swings. What we look for. Then we stopped making higher lows and began ranging. We thus have seen 2/3 ways of the only ways all markets move.
This break of the support level was quite strong as indicated by the large red body candle. And, it broke a flip zone level too. We even got a lower bounce pattern which is another confluence.
For next week, I would like to see a retest of the break which would then create a lower high we can work with. That is ideal.
Target will be the flip zone at 18.50.
First of all in terms of market structure, we had an uptrend with defined and multiple swings. What we look for. Then we stopped making higher lows and began ranging. We thus have seen 2/3 ways of the only ways all markets move.
This break of the support level was quite strong as indicated by the large red body candle. And, it broke a flip zone level too. We even got a lower bounce pattern which is another confluence.
For next week, I would like to see a retest of the break which would then create a lower high we can work with. That is ideal.
Target will be the flip zone at 18.50.