The setup is not great, but im expecting a pull back on the dollar which should result in a bullish move on the GBP and EUR.
There is an extreme zone that i would like price to reach to with the possibility of not taking out the previous HL. But lets see.
+ve:
1. Extreme zone that resulted in the bullish move.
2. slight imbalance above the extreme zone
3. Dollar setting up for a pull back that will result in a bullish move on GBP
4. TP is just above the equal high liquidity zone
-ve:
1. close to the higher low and that may be swept
There is an extreme zone that i would like price to reach to with the possibility of not taking out the previous HL. But lets see.
+ve:
1. Extreme zone that resulted in the bullish move.
2. slight imbalance above the extreme zone
3. Dollar setting up for a pull back that will result in a bullish move on GBP
4. TP is just above the equal high liquidity zone
-ve:
1. close to the higher low and that may be swept
Note
If this trade fails and price takes out the low marked with a black line, theres a likelyhood that price will reach for the extreme zone as shown, this is due to the efficient range above it. No where else to really bounce off. but lets see. Note
I may move my TP further up if i see momentum growing and taking out the liquidity zones above. Trade active
Trade triggered Note
Trade looking weak this morning, but today is NFP news which brings high volatility to the market. Trade closed manually
Im not happy with the price action in the zone due to how far the price reached into it. Loss: -0.6R
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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.