Fresh supply zone ahead, possibile retracement, long opportuinity.
Stuff to remember:
— First look for significant move, then follow it to its origins where you might find a suitable level to evaluate further
— Make sure the initial move is significant on the same timeframe as the one you use for viewing your candidate level most clearly
— Check the distance that price traveled before the trend ended, longer distances mean larger initial imbalances and improved probabilities in the future
— The strong initial move can contain a few small retracements but not so many that make this move slow and weak
— Avoid opposing levels on the same and immediately higher timeframes, prefer to have a clear road ahead for your trade to run
— Make sure your level is placed correctly (low for Demand, high for Supply) in relation to the big picture's important tops and bottoms
— Trading the first return of price to a valid "fresh" level carries the highest probabilities due to the larger imbalance
— A valid level is considered "fresh" if price has not returned to it since its creation. It has nothing to do with how old the level is
If you're going to put it in terms of supply and demand, supply zones are above price. Demand zones are below price. You drew a supply zone, but labeled it as a demand zone. If price reverses at that point (the beige/yellow box), it would be confirmed that supply is greater than demand, therefore price drops. Just a heads up for next time you're labeling your chart. Have a good trading week!
tradewonk
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@akadibaba, Yes, my mistake it's Supply zone and not demand. It's too late over here :-)
akadibaba
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@tradewonk, haha that's alright, brotha. Gettin late here, too. Glad to see others grindin in the late night hours, too!
CNYANG
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really amazing!!!!
zammad
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hi every one... i am new trader nd no good experience... now i am locked in usdjpy. i stated my account from 1000$ bt now i have only 127$ nd i lockd my trades. can anyone tell usdjpy now go down or go above..
seriously i need help
Glendoonie
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@zammad, I am locked into a short sell for USD/JPY. Sell below 114.51. SL 114.91. TPs 113 and 113.44. Going DOWN!
Salmanmemon786
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Nice my friend in chart by mistake you wrote Demand zone but in details supply zone . Agreed with idea keep rocking