XBTUSD: 4hr Supply demand level.
Typically we want to short the first retest of the level. It maximizes our odds.
Didn't work out in this case, did it? It got rejected at another level above that wasn't show on this chart that is shown on the daily chart that i posted prior to this one.
But I just want to demonstrate how powerful supply/demand levels are for catching the tips of wicks even though I don't advise you trade that way, especially if you are trading purely by price action. However, if you did an elliot wave analysis and think it the price will dump down to the supply zone, you had plenty of time to get into a short as demonstrated.
As usual, start with a higher timeframe, then zoom in.
Didn't work out in this case, did it? It got rejected at another level above that wasn't show on this chart that is shown on the daily chart that i posted prior to this one.
But I just want to demonstrate how powerful supply/demand levels are for catching the tips of wicks even though I don't advise you trade that way, especially if you are trading purely by price action. However, if you did an elliot wave analysis and think it the price will dump down to the supply zone, you had plenty of time to get into a short as demonstrated.
As usual, start with a higher timeframe, then zoom in.
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