***Smart Money Theory - Nothing that I have learned in retail trading has brought m profits, So I use Smart Money Technique or Institutional Trading. Currently, with EUR/USD it Appears that the Price Action is slowly making its way back toward levels from 2020. It has hit an Order Block on a daily time frame (Wick) and I believe it will drop below the Asian range (Around 1,14385) to take out the sell-side liquidity, Possibly even spike down to the hit the body of the Daily bullish Order Block (around 1.14280) before turning around and making a reversal. I see the bullish bias Already because it has broken the market structure at 1,14560 taking out short-term highs. Once The New York Session may give it the charging it needs to break up and over the equal highs near 1.14775 and possibly to the end of the 4th varition of the Asian range which also fits near the Median of the old 2020 daily fair value gap. See chart for historical references.
I would be s little more careful on the stop loss with 30 pips and not 15 pips but have multiple take-profit zones along the way. The last without leaving 5 % on after going long near (now) 1.14360, highest aim would be 1,4885. Taking profit along the way at 1.14565, 1.1.4680, 1.14770 and lastly 1.14900
I would be s little more careful on the stop loss with 30 pips and not 15 pips but have multiple take-profit zones along the way. The last without leaving 5 % on after going long near (now) 1.14360, highest aim would be 1,4885. Taking profit along the way at 1.14565, 1.1.4680, 1.14770 and lastly 1.14900
Note
Ddidn't make it al the way to may Take profit 1 spot but I still took profit at 1.14535 instead of 14560. 40% of profit taken there at 16 pips. And moved the stop loss to bout 25 pips so even if it did fail now, we'd still be in green a little. Trade active
Last time I jumped in a little early, this time I got the entry I wanted and got the first Take profit as explained. Another 25 pips as I reloaded the 40% that I cashed in earlier. Getting close to TP2. Note
It gets knocked back by a Bearish Order Block but into a bullish breaker. The candle respects the breaker to a "T" (Breaker = nearest/last candle, higher or lower, that price action moves really fast past that candle, when it returns that candle acts as support or resistance)Trade closed: stop reached
Old Idea. just closing it out for fun. I didn't update afterwards but I hope everyone moved their stop loss to even after taking profit so you didn't lose on this one.
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
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You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.