Posted to Members Last Night:
Price trapped a huge amount of sellers in a high volume candle because they thought the price was breaking the 'support' to the downside when in reality this was simply a trap.
Since price is so close to a recent high, I would expect a retracement for sellers to close out of their losing positions to join buyers at the newly formed demand.
This could be an interesting buy, definitely one to watch out for! I will go more in-depth in the morning video.
Morning Update:
Our HVL level was tapped with precise accuracy followed by rejection.
On the LTF's price did compress before being delivered aggressively to the level BUT demand was not met.
We do have a chance of pushing in deeper but price could flow to the upside from here.
Good luck traders!
Price trapped a huge amount of sellers in a high volume candle because they thought the price was breaking the 'support' to the downside when in reality this was simply a trap.
Since price is so close to a recent high, I would expect a retracement for sellers to close out of their losing positions to join buyers at the newly formed demand.
This could be an interesting buy, definitely one to watch out for! I will go more in-depth in the morning video.
Morning Update:
Our HVL level was tapped with precise accuracy followed by rejection.
On the LTF's price did compress before being delivered aggressively to the level BUT demand was not met.
We do have a chance of pushing in deeper but price could flow to the upside from here.
Good luck traders!
