The OP trade ended up going against our plan and retested the highs (liquidity) from the previous Monday. As per the plan set out in the previous/attached OP short idea, the positions were reduced when price starting holding above 1.50$
Considering the nature of the market two lower time frame intraday trades where taken (annotated on the screen) - two shorts trade both hitting tp's
What is next?
We have currently deviated the previous Monday liquidity sitting around 1.58$ with a current 2 day range with highs at 1.58$ and lows around 1.50$
IF we get a clean reclaim and break above 1.58$ expect longs to pill up.
Tape reading and favoring shorts - wait to see if we go lower from this deviation with the overall OP short plan remaining the same.
TP 1.40$
TP 1.35$
TP 1.20$
SL above current highs
-------- Bear in mind US PMI numbers coming out on Wednesday (9:45) which could 'move and influence' the market. The market is algorithmic but lets not forget the human aspect which helps trick and trap traders when these 'news events' come out --------
Stay safe and never risk more than 1-5% of your capital per trade. The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
Considering the nature of the market two lower time frame intraday trades where taken (annotated on the screen) - two shorts trade both hitting tp's
What is next?
We have currently deviated the previous Monday liquidity sitting around 1.58$ with a current 2 day range with highs at 1.58$ and lows around 1.50$
IF we get a clean reclaim and break above 1.58$ expect longs to pill up.
Tape reading and favoring shorts - wait to see if we go lower from this deviation with the overall OP short plan remaining the same.
TP 1.40$
TP 1.35$
TP 1.20$
SL above current highs
-------- Bear in mind US PMI numbers coming out on Wednesday (9:45) which could 'move and influence' the market. The market is algorithmic but lets not forget the human aspect which helps trick and trap traders when these 'news events' come out --------
Stay safe and never risk more than 1-5% of your capital per trade. The following analysis is merely a price action based analysis and does not constitute financial advice in any form.
Related publications
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.
Related publications
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.