HUT Daily Analysis
Coming up to a key supply zone. Two possibilities can come from this. Either the price breaks above and, ideally retesting resistance and support, runs to test higher levels.
or
The broader market seems some pressure and this level is rejected causing the price to retrace to the 200 SMA, and if that can't hold then the demand zone below.
Waiting for confirmation will help you pick a direction early on in the rally. This can be found in the form of a break and retest for an upside breakout, or a bearish divergence from a mean reversion trade.
Setting up this trade with a profit factor of 2.0 or greater makes it statistically efficient to trade.
or
The broader market seems some pressure and this level is rejected causing the price to retrace to the 200 SMA, and if that can't hold then the demand zone below.
Waiting for confirmation will help you pick a direction early on in the rally. This can be found in the form of a break and retest for an upside breakout, or a bearish divergence from a mean reversion trade.
Setting up this trade with a profit factor of 2.0 or greater makes it statistically efficient to trade.
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