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It is, but bear in mind that larger timeframe demand zone has been has already seen a reaction and the nature of price is that it will bounce fractally between pockets of supply & demand as it charts its course up and down.. I'm not necessarily suggesting that price would make a huge move down from that zone and in fact recent price action congesting just below the yellow marked area has ruled it out of a trade for me on the 60min chart. But all that said I suspect there may still be sufficient supply in that area to afford a short off a lower time frame with our wholesale/retail mindset to the fore.

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Fibonacci ratios and Harmonic patterns video / 41 min

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