There a few options for drawing supply zones which depend purely on personal prerence and it does not matter which you choose as long as you are comfortable trading off those levels. The top thin two lines represent what is a fresh supply level where there has yet to be a pullback into that level.
The third line represents a supply level fromThe top of the second pivot high to the bottom of the second pivot high
The fourth line down represents the supply level based on the upper wick and body of the first pivot high.
A fifth newly created supply level could also now be drawn because the second last candle was a break below the last pivot low from seven candles ago so the top and bottom of the third last candle becomes a supply level in its own right.
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- Day Trader’s Weekend Aftermarket Lounge 18-20 Sep 2020
Day Trader’s Weekend Aftermarket Lounge 18-20 Sep 2020, page-143
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