We have a wicks to fill. One is at 1.06174. The Other wick is the Previous weekly candle low at 1.06120. We have momentum so most likely we will touch these prices at some point. We are trading 2 hours before news here. Ultimate target on week on 1.055. Additionally, I think FOMC will help provide a catalyst to take us lower. We may pullback hard first, for liquidity. So be aware of price spikes as we walk into news. Momentum , with regard to Price Action, is explained in the previous post. If we look at Weekly/Daily timeframes we see all red or what we interpret as rejection wicks, which aligns with our bias.
Trade closed: stop reached
Trade active
Trade closed: target reached
Note
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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.