Disclaimer, these ideas are for my records of what I see in the market after taking a trade. It will help me document the reason of why I took the trade so I can have a track record. And as such, this is not a financial advice.
I've noticed that at the monthly timeframe the pair is doing a wyckoff distribution schematic.
Then at the weekly timeframe, the pair once more is doing a wyckoff distribution schematic.
At the daily timeframe, I've identified a potential area of interest delimited by the fibonacci levels 1, 0.5, and 0 (orange lines). I believe the price is trying to reach that area of interest to get right of the liquidity delimited with the lines that have the $$$ above them.
At the 4 hour timeframe, the price appears to want to go higher, potentially giving strenght to my trade idea.
Given these findings, I'll be entering a buy position until it reaches the fibonacci levels, then I'll start looking for sells.
I've noticed that at the monthly timeframe the pair is doing a wyckoff distribution schematic.
Then at the weekly timeframe, the pair once more is doing a wyckoff distribution schematic.
At the daily timeframe, I've identified a potential area of interest delimited by the fibonacci levels 1, 0.5, and 0 (orange lines). I believe the price is trying to reach that area of interest to get right of the liquidity delimited with the lines that have the $$$ above them.
At the 4 hour timeframe, the price appears to want to go higher, potentially giving strenght to my trade idea.
Given these findings, I'll be entering a buy position until it reaches the fibonacci levels, then I'll start looking for sells.
Bình luận:
Note to myself: Apparently price respected my first level. I should learn not to hear anyone advice on my analysis.
Bình luận:
Đã hủy lệnh:
Missed the entry. Closing this trade and go to the next one.
Giao dịch đang hoạt động:
After a little time off, I've realized that I didn't missed the trade as I originally thought.
After a little time off, I've realized that I didn't missed the trade as I originally thought.
The high is making a CPLQ with some other highs making it a zone of liquidity giving strength to the original idea that the market wants to take out that liquidity before falling.