Using the Volume Profile Tool I am trying to identify my supports and resistances on the 4 Hr time frame and find the following probability
We have broken a small resistance at the 23200 to 23700 area and also beginning to attempt a break out from a longer-term down-trending channel. Though in its early stages, potentially we could have a test back to 23550/23700 areas and bounce from there.
The volume profile on the longer time frame shows an area of low volume until the 29500/30000 levels and that could be the path of least resistance for the price to take. It could be a surprisingly brisk move if it decides to happen. Giving us a low-risk high probability trade setup.
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