The price is close to a supply zone on daily chart. On the hourly chart the price move inside an bull channel and right now it is in tight trading range (past 11 bars). It means that for the next few hours should remain in the tight trading range, the tight trading range it is even a bull channel and so even a bear flag, the probability that will BO from the bottom of the channel (instead that from the top) are about 75%.
possible entry are with limit order on the top of the micro channel (tight channel) or wait for the BO (higher probability but less reward) and then entry with stop order or at the market.
possible entry are with limit order on the top of the micro channel (tight channel) or wait for the BO (higher probability but less reward) and then entry with stop order or at the market.
Komentar:
time to close take profit on the bottom of the channel and start to look for a entry long, right now higher probability the price will go sideways before reverse, since it is moving in a quite tight channel