ETH Long Scalp Asian Range Implementation
Day's Bias: Neutral Bullish
Plot:
Previously, price made an explosive move up for more than a week. Recently is an LTF reversal move towards numerous gaps on lower prices and utilizing fibonacci we're expecting lower prices soon if this would really come out as a retracement.
Asian Range Implementation of its levels in confluence to Time (London Open or London & NY Overlap) plus Price Arrays of Value.
Price takes out the huge gap on the strong downward move in previous day's price action forming the Asian Price Range.
Asian Price Range Levels to watch in this scenario are the Asian Range 50% with any Price Array of Value or Asian Range High as a retracement upwards.
In this scenario I found a GAP to return to as a Price Array of Value for price to continue going to higher prices.
Price may just continue consolidating and go sideways as a possibility in today's trading.
Targets can be the Asian Range High or the FVG right above it to take out Buy Side Liquidity before a downward move continuation towards an HTF Price Array of Value completing the retracement.
Plot:
Previously, price made an explosive move up for more than a week. Recently is an LTF reversal move towards numerous gaps on lower prices and utilizing fibonacci we're expecting lower prices soon if this would really come out as a retracement.
Asian Range Implementation of its levels in confluence to Time (London Open or London & NY Overlap) plus Price Arrays of Value.
Price takes out the huge gap on the strong downward move in previous day's price action forming the Asian Price Range.
Asian Price Range Levels to watch in this scenario are the Asian Range 50% with any Price Array of Value or Asian Range High as a retracement upwards.
In this scenario I found a GAP to return to as a Price Array of Value for price to continue going to higher prices.
Price may just continue consolidating and go sideways as a possibility in today's trading.
Targets can be the Asian Range High or the FVG right above it to take out Buy Side Liquidity before a downward move continuation towards an HTF Price Array of Value completing the retracement.
Comment:
Trade shall be closed if price does not hit the target before NY Session ends. Or until stopped out.
Comment:
Fibonacci can be a key to unclear scenarios and avoid traps. The target GAP is right at 50% retracement of this HTF down impulse move. You can watch SHORTS trapped in this scenario if this analysis is correct.
Trade active:
SL Moved to protect capital. Target is almost 100% certain to be hit within the trading day or before NY Session ends.
Trade active:
Asian Range High is so clean screaming Liquidity right here in confluence with a Price Array of Value right above it. Why wouldn't price go there if 50% retracement was there, specially when price just recently taken out HTF Price Array of Value below. Disclaimer: This is just how I understand the market. It's what it has been doing every single day.
Trade closed manually:
Due to price showing sideways movement towards the end of NY Session. Closed trade in profit and just observe price next day. Profit is still great. Closed with good RR.