I will maintain my short-term focus on the recent multi-day balance high at 4830.75. In contrast to yesterday, buyers successfully closed today's session above this level.
Hey! The marked levels on my chart, including the Smashlevel, serve as crucial reference points for assessing market strength and weakness. The behavior of the market at these specific areas provides insights into its overall state.
For instance, holding above 4830 signals strength and increases the probability of reaching the highlighted upside targets. Although achieving the upside target is not guaranteed, the increased odds imply a more favorable outlook. It's worth highlighting that in a prevailing uptrend, the downside targets encounter more challenging conditions for realization compared to the upside targets. Yesterday's session was a great example of this, as sellers held below 4830 but were only able to reach the initial downside target at 4820 before encountering buyers. Context holds utmost significance.
In addition to providing a measure of the market's condition, these marked levels also function as potential entry and target points.
Thank you buddy! Great scalpers day, ended up green.
Hey! The marked levels on my chart, including the Smashlevel, serve as crucial reference points for assessing market strength and weakness. The behavior of the market at these specific areas provides insights into its overall state.
For instance, holding above 4830 signals strength and increases the probability of reaching the highlighted upside targets. Although achieving the upside target is not guaranteed, the increased odds imply a more favorable outlook. It's worth highlighting that in a prevailing uptrend, the downside targets encounter more challenging conditions for realization compared to the upside targets. Yesterday's session was a great example of this, as sellers held below 4830 but were only able to reach the initial downside target at 4820 before encountering buyers. Context holds utmost significance.
In addition to providing a measure of the market's condition, these marked levels also function as potential entry and target points.