Please help me shed some light on the situation below.
- Monthly up. MN demand is being broken, but since the current month has not ended, trend is still considered up.
- Weekly down. First TF out of alignment. Price broke 2 WK demand zones and TL. Now price is bouncing from previous WK CP demand, but this demand is not part of the curve, nor it is tradable (or any LTF zones that may be inside)
Rules say we must go one TF higher to monthly and wait for price to drop to the nearest MN demand. Price is already there, but the zone is being broken and in a few days the MN trend will be in consolidation.
1. What should I do now? If the price closes inside the MN demand, can I go long on WK/Daily with confirmation? Or should I wait for the MN to trend again - be it up or down?Or
2. Regarding the WK CP demand only (106 pips wide).: it is a CP against the trend, not tradable, not part of the curve, but price tested. So, it is the last zone in control. Can I trade against it (go short at valid WK supply) or wait until it is fully broken?
Thank you.