RTF: I don't include any RTF image, but we are not near any demand/supply zones on it. We are pretty low on the altitude, but as the altitude is good on the LTF i don't think the RTF altitude is too important.
LTF: Good altitude, approximately 50%. Nice downtrend and price has retraced up about 38.2%, meaning that it's a healthy retrace and we should feel good shorting here. We are also in a strong supply area on this timeframe that took out the minor supply zone from August.
STF: Original, strong supply which price pretty much crashed down from when the zone was created. During the last couple of days price has rallied up into the zone with little hesitation. Some minor demand areas have formed below but I'm not too worried. With both the LTF and STF trend being downwards, I doubt these small levels will hold, especially as they didn't take out anything significant (didn't prove themselves).
Stop goes above the STF zone and target goes above the already tested LTF zone. It is very likely that price continues below this, But I am happy with this 3,5:1.
What do you guys think? Are we too close to the LTF demand area?
Take care and good luck this week!
Mattias
