on this pair you can see we are sitting on a lvl of structure @ 0.86725 however we are not making any progression away form it, this to me creates a liquidity pool below market because the more time price rejects the more people are inclined to buy this lvl as its deemed "strong" , this end up with lots of stops below a "strong" lvl.
now as we know the market is gravitated towards liquidity so in my opinion there is a high probability the market is going to drop below taking any stops out and making sell side liquidity (when you have a buy order in the market and your stop loss is hit you are selling back into the market at a disadvantageous price and you pay the cost of the difference)
now back to the trade idea haha, I am looking to get a break below structure and a retest to go short alongside liquidity, we also have an untested lvl with fib and ema and atr confluence below market @ 0.86427 I will be looking to buy this lvl after I close my short out
now as we know the market is gravitated towards liquidity so in my opinion there is a high probability the market is going to drop below taking any stops out and making sell side liquidity (when you have a buy order in the market and your stop loss is hit you are selling back into the market at a disadvantageous price and you pay the cost of the difference)
now back to the trade idea haha, I am looking to get a break below structure and a retest to go short alongside liquidity, we also have an untested lvl with fib and ema and atr confluence below market @ 0.86427 I will be looking to buy this lvl after I close my short out
Comment:
still no trade on this for myself
Order cancelled