1. Weekly timeframe suggesting a new structure high which is a LH as we see signs of bullish pressure completely being absorbed by sellers.
2. Higher Timeframe (Daily & Weekly) are showing break of structure and head & shoulders pattern
3. Daily Timeframe we had previously had a bearish engulfing candlestick pattern which fuelled the break of market structure lows. Now we are currently experiencing simply a retracement within the market.
4. 4HR Timeframe showing an order block with an imbalance/FVG in which price will come to fill before its continuation back to the downside.
5. Will be patiently waiting for an entry confirmation within the zone for a short position. Targeting the sellside liquidity level which basically market structure low.
2. Higher Timeframe (Daily & Weekly) are showing break of structure and head & shoulders pattern
3. Daily Timeframe we had previously had a bearish engulfing candlestick pattern which fuelled the break of market structure lows. Now we are currently experiencing simply a retracement within the market.
4. 4HR Timeframe showing an order block with an imbalance/FVG in which price will come to fill before its continuation back to the downside.
5. Will be patiently waiting for an entry confirmation within the zone for a short position. Targeting the sellside liquidity level which basically market structure low.
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UPDATE
2% R achieved on the countertrade idea
2% R achieved on the countertrade idea
1. Took a small long position based on the idea that price will retrace back into the zone to fill imbalance
2. The market played a liquidity grab on the equal highs upon London Open but this only confirm will continue higher for a pullback based on higher timeframe confluences
3. Entry made early London session on the 30min timeframe @ 1.26158, TP = 1.26511, SL = 1.25985.
4. RR = 1:2