Overall Trend and Market Structure:
The chart displays a mix of bullish and bearish movements, but recent price action (from around July 23rd onwards) shows a significant downturn after a peak.
There are "SMS" (Structural Market Shift) and "ChoCH" (Change of Character) labels, indicating shifts in market structure. Initially, there were bullish shifts, but the recent price action suggests a potential bearish shift or at least a significant retracement.
A large "50% - Order Block 4H" is highlighted in blue, which acted as support and led to a strong upward move previously.
Current Price Action and Setup:
The current price is around 3,340.670.
There's a proposed short-term trading setup, indicated by:
Entry: 3,335.500 (red dashed line)
Stop Loss (SL): 3,328.500 (red shaded area)
Profit Targets (TP):
3,360.000 (green shaded area, "Profit 3,360.000")
3,373.000 (green shaded area, "Profit 3,373.000")
The setup is highlighted with a gray shaded area, indicating the potential path of price for this trade. It appears to be a long (buy) setup, anticipating a bounce from the current levels.
The "CHOCM: 29.46%" at the bottom suggests some kind of indicator or calculation related to market character.
Key Observations and Considerations:
Previous Bullish Momentum: The price rallied strongly after touching the "50% - Order Block 4H" around July 17-18, reaching a high near 3,430.
Recent Bearish Retracement: Since July 23rd, the price has pulled back significantly from its peak, almost revisiting the higher levels of the previous order block.
Potential Support: The proposed entry point for the long trade (3,335.500) is within a zone that previously acted as support or a level from which price bounced. It's also near the top of the "50% - Order Block 4H" area, suggesting this could be a retest or a bounce from a key support zone.
Risk-Reward: The setup shows a relatively tight stop loss compared to the potential profit targets, which is generally favorable for risk management.
The chart displays a mix of bullish and bearish movements, but recent price action (from around July 23rd onwards) shows a significant downturn after a peak.
There are "SMS" (Structural Market Shift) and "ChoCH" (Change of Character) labels, indicating shifts in market structure. Initially, there were bullish shifts, but the recent price action suggests a potential bearish shift or at least a significant retracement.
A large "50% - Order Block 4H" is highlighted in blue, which acted as support and led to a strong upward move previously.
Current Price Action and Setup:
The current price is around 3,340.670.
There's a proposed short-term trading setup, indicated by:
Entry: 3,335.500 (red dashed line)
Stop Loss (SL): 3,328.500 (red shaded area)
Profit Targets (TP):
3,360.000 (green shaded area, "Profit 3,360.000")
3,373.000 (green shaded area, "Profit 3,373.000")
The setup is highlighted with a gray shaded area, indicating the potential path of price for this trade. It appears to be a long (buy) setup, anticipating a bounce from the current levels.
The "CHOCM: 29.46%" at the bottom suggests some kind of indicator or calculation related to market character.
Key Observations and Considerations:
Previous Bullish Momentum: The price rallied strongly after touching the "50% - Order Block 4H" around July 17-18, reaching a high near 3,430.
Recent Bearish Retracement: Since July 23rd, the price has pulled back significantly from its peak, almost revisiting the higher levels of the previous order block.
Potential Support: The proposed entry point for the long trade (3,335.500) is within a zone that previously acted as support or a level from which price bounced. It's also near the top of the "50% - Order Block 4H" area, suggesting this could be a retest or a bounce from a key support zone.
Risk-Reward: The setup shows a relatively tight stop loss compared to the potential profit targets, which is generally favorable for risk management.
Trade active
price will touch the entry soon - High risky trade
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.