Whenever looking a pair I ask myself a series of question to determine the auction of the day.
1. Where is the pair trying to go?
2. Is it doing a good job of getting there?
3. How is the accumulation going?
4. Where is the manipulation?
5. What is the projection of the profit release?
I see this pair trying to push higher
It is not falling back
The accumulation has been to the upside
The reverse pin bar or hanging man is deliberate to get shorts to enter, if the price is to go higher, than the MM's would like buy at a lower price, lastly, as the pair remains below yesterday's low sellers will continue to enter ergo, giving the MM's what they want.
This is classic MM playbook, accumulate, manipulate, distribute.
I am Long at 1.8404 Stop Loss 30 Pips Take Profit 1.8525
1. Where is the pair trying to go?
2. Is it doing a good job of getting there?
3. How is the accumulation going?
4. Where is the manipulation?
5. What is the projection of the profit release?
I see this pair trying to push higher
It is not falling back
The accumulation has been to the upside
The reverse pin bar or hanging man is deliberate to get shorts to enter, if the price is to go higher, than the MM's would like buy at a lower price, lastly, as the pair remains below yesterday's low sellers will continue to enter ergo, giving the MM's what they want.
This is classic MM playbook, accumulate, manipulate, distribute.
I am Long at 1.8404 Stop Loss 30 Pips Take Profit 1.8525