It's important to make projections in the market as that is how we anticipate price movements and reactions at certain levels.
Not every projection will be right and sometimes the only thing we need to do is wait for events to pan out no matter how long it might take.
Most of "trading" is spent "waiting". You wait for price to reach a key level, wait for a reveral pattern, wait for confirmation, wait for entry and then wait to exit.
The focus is on knowing what you will do ahead of time so you are prepared to take action as required. This is why we must have an idea about what can potentially happen, so that we can take advantage of it.
Here's EN on the daily from a week ago:
Clearly from the markup you can see I was projecting a move down from the supply level as we have multiple rejections from the level.
Here's a more recent view of EN.
You'll notice that price hit that supply in early August but didn't start the serious breakdown until early September. During that time, all you can do is keep an eye on it and wait.
The level that created the initial rally can clearly be seen too and now in a downtrend, that's where we could be headed.
GN had a similar look to EN, with price at supply
And then a move came.
Not a pair I often talk about on here but a real mover when it gets going as you will see.
Here's the initial drop:
And this is where price is now:
I can see UZ going much lower too and that daily demand level is definitely an area to keep an eye on.
All of these pairs still have potential and there are many others in great looking situations too so the next few weeks should be very interesting.
Have a great trading week.
I hope you found this useful.