just seeing if this plays out....I think MMs will bring price up into the liquidation zone (the red box) to stop out people who have just shorted the previous high before dropping the price back down.
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My shorts were at 1.12 :( missed by 5 pips...oh well
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The price went a little higher than expected due to the bullish news from the ECB. Most retailers are now short because they see a double top formation forming and an overbought market. But that doesn't mean price has to go down just yet. I believe there is still upside movement to be expected next week because the market is drawn to liquidity and there is more liquidity in the 1.14 to 1.15 zone. With everyone shorting, MM's are going to want to sweep past the highs, stopping everyone out and fueling the move up, before they let the price drop. Here is my idea from this morning before the london session ....
... this is during the New york session ...
... and this was at the end of the day ...
. Again this is not trading advice, and this is not 100% going to happen. This is just for me to keep a log of my ideas.
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The outcome...If you got in at 1.12645, you would have made roughly 150 pips