Long
US30 BUY IDEA
Hello everyone,
Today I'm really gonna go in depth on my explanation for my BIAS for this trade set up I have an eye on and I am waiting for. The main Idea being, Last week's High was created on Tuesday around level 35500 where I have the left hand side chart showing the Right shoulder reaching up to that light blue box -- Tuesday's Old High (March 29th).
We can also see that Thursday we create sellside liquidity (W), that gets taken by 150+ pips on Friday (during NY session) before the rally that takes buyside liquidity and creates a BOS.
Once that burst happens and takes Buyside liquidity -- we are left with a FVG which is basically just an imbalance in the market (we can see it is a massively large blue candle) meaning it resided only with bullish buyers -- no sells took place during that period in time. So we can then come to expect price to come down in order to fill in that area on imbalance.
I then took my fib to see if it was hitting any ideal level of discount -- which it is the 0.705 -- could come lower into the 0.786 which im allowing my SL to give me room for that. I am also using that consolidation zone that was created during wed-thurs session which was raided friday during new york to serve as a support for my buy bias. Expecting that FVG + Supoort level and my Buy idea that It wants to go for Tuesday's Highs.
I will update my bias as it goes --
Today I'm really gonna go in depth on my explanation for my BIAS for this trade set up I have an eye on and I am waiting for. The main Idea being, Last week's High was created on Tuesday around level 35500 where I have the left hand side chart showing the Right shoulder reaching up to that light blue box -- Tuesday's Old High (March 29th).
We can also see that Thursday we create sellside liquidity (W), that gets taken by 150+ pips on Friday (during NY session) before the rally that takes buyside liquidity and creates a BOS.
Once that burst happens and takes Buyside liquidity -- we are left with a FVG which is basically just an imbalance in the market (we can see it is a massively large blue candle) meaning it resided only with bullish buyers -- no sells took place during that period in time. So we can then come to expect price to come down in order to fill in that area on imbalance.
I then took my fib to see if it was hitting any ideal level of discount -- which it is the 0.705 -- could come lower into the 0.786 which im allowing my SL to give me room for that. I am also using that consolidation zone that was created during wed-thurs session which was raided friday during new york to serve as a support for my buy bias. Expecting that FVG + Supoort level and my Buy idea that It wants to go for Tuesday's Highs.
I will update my bias as it goes --
Trade closed: stop reached
Stop was reached -- we retraced back up to Monday's Low and held support there. We also closed below the 4H FVG so that is also pretty strong sell signals.
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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.