for me the similarities are that 6150 is turning out to be a good demand zone and 6240 is a good supply zone
on the last occasion price tested 6150 3 times and than stalled near 6170,before breaking up
this time also it tested 6150 3 time and at present closed at 6171
on recent test of 6150 it made a pin bar and now is in a pull back,and in that last two candles showing the weakness in down move
from here one can expect an up move for an initial target of 6240
now the entry part:
there are two choices,
long above the high of last bar,as price took off from same level last time, SL will be below 6160,if hit,wait for the 6150 level and go long if price shows weakness/BOF
or wait for the 6150 level to be tested again and take entry on BOF/TST
the 2nd choice looks good as there are chances of gap down on monday
that's excellent avny :thumb:
6150 was already a demand zone and fridays upmove has confirmed buyers still interested to hold it. It broke 6150 3 times but failed to attract any panic selling indicating buyers were looking for 6130 or lower levels to exit longs, but this time i expect 6150 to hold or even if there is a break of 6150 it should be only in morning due to volatility with very quick rejection of it.
So my first priority is long, any stall or strength in up monday morning will be opportunity to enter long. I am expecting higher lows formation, so 6160 would be the stop loss.
Second case can be that it breaks or tests 6150 in morning volatility, i expect a quick rejection so we can enter long on BOF/TST, if your stop is hit on TST then you should enter again long on BOF.
Third case is that it sustains below 6150 in which case i will be looking at A/D to gauge overall sentiment of market, below 6130 there is very high chance of panic selling.
6240 is the first level, next is 6300 where we can look to create shorts.
6220-6230 should act as R-S if broken, and if it doesnt then i will doubt its strength to reach 6300.
On downside first stop is 6030.
