Here is what I’m observing this morning at the opening at 9:30am. There was a gap that is found on the Daily Analysis section of the group where I outlined an area we are studying for support.
The Green box below price action is that area on this 5 minute chart. There are two scenarios that I am analyzing. Scenario 1. I want to see if price makes a very strong aggressive move out of that green box and it needs to go to the green line in the middle of the red box. If we can aggressively push through that area at the opening. I will feel more comfortable scouting longs into Wednesdays high Scenario 2.
Price remains heavy and we simply spike a stop run through the Asian Range and London Price action and aggressively push through Wednesdays lows in that area is where I will be looking to go short. Targeting our long term targets and scaling out the position as logical areas.
I believe scenario two is more likely and there is also a chance of price pushing to the area i have highlighted to confirm bullish action but instead of aggressively pushing through it taps it and reverses for Wednesdays low. This is what I am studying this morning. Have a Bless Day Family!
