Yesterday price touched a HTF demand zone that i marked out and on the 1 hour formed a break of structure. This is as per my plan a pivot ore reversal sign.
Now trying to find an entry its trickier. Initially i wanted to enter higher up at the green imbalance that is there, but i noticed equal low liquidity marked as $$$ which i will assume will be taken out. I placed a buy-limit here with a tighter SL than i normally go for, but the TP is the next high.
Today is a high impact news day with the Fed releasing news later today -hence i will not take as many trades.
Now trying to find an entry its trickier. Initially i wanted to enter higher up at the green imbalance that is there, but i noticed equal low liquidity marked as $$$ which i will assume will be taken out. I placed a buy-limit here with a tighter SL than i normally go for, but the TP is the next high.
Today is a high impact news day with the Fed releasing news later today -hence i will not take as many trades.
Note
I need to get into the habit of listing the reasons for a trade... and possibly reasons why it wont work. Positives:
1. Bounce off the demand zone with a wick
2. Creation of a break of structure on the 1hour and not just the lower timeframes
3. Decent bullish momentum with full bullish candles
4. Imbalance above drawing in price
5. Equal low liquidity zone for entry - discounted buy area if hit
Negatives:
1. Fed news today which could drive the price against me
2. Entry doesn't trigger and runs to TP
3. The daily TF shows a BoS which suggests the market could continue further bearish
Trade closed: stop reached
Loss: -1R
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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.