- From left to right, we have price creating a weeks worth of liquidity that price spiked down to acquire and returned to the upside.
- Upon returning to the upside price created a double bottom formation to potentially entice buyers into positions.
- However, price is respecting the 84.060 region and so my bias is that price is being magnitised towards the downside towards a potential sponsorship candle region where the EQL's will be taken out and we will satisfy the region.
- When we reach the SC level I will look for long oppourtunities.
- I have entered a short position to the SC level below as price action was respecting the resistance level and so my bias was correct and I took a short position off of the 50% of the most recent Sponsorship candle.
- I have a 3 pip SL and a potential 100 pip reward for a 1:35 r/r.
- Upon returning to the upside price created a double bottom formation to potentially entice buyers into positions.
- However, price is respecting the 84.060 region and so my bias is that price is being magnitised towards the downside towards a potential sponsorship candle region where the EQL's will be taken out and we will satisfy the region.
- When we reach the SC level I will look for long oppourtunities.
- I have entered a short position to the SC level below as price action was respecting the resistance level and so my bias was correct and I took a short position off of the 50% of the most recent Sponsorship candle.
- I have a 3 pip SL and a potential 100 pip reward for a 1:35 r/r.