My idea for EU at the moment is for it to push higher in order to take out the trendline liquidity that sits above. I expect price to do a similar move to GU in which I expect a bit more upside left to validate this newly marked out 4 hourly demand. Then I anticipate a pullback within this demand to take out liquidity above and tap into the 12hr supply zone that I have marked out above.
From there I will be expecting bullish pressure to die down and form a wyckoff distribution. Once I see my edge appear on the lower time frame I will execute sells back down to continue the overall trend.
Confluences for Buys are as follows:
- Price has left lots of liquidity to the upside that needs to be taken I.e. like trend lines.
- Supply zone above that needs to be mitigated so still more upside left.
- A 4-hour demand zone has emerged, from which we could witness a bullish response.
- price has changed character and broke structure to the upside before as well.
P.S. This is only a temporary trend notion until a new supply zone materialises for me to consider selling price back down. However, selling opportunities don't appear optimal due to the significant liquidity around the current price.
Have a great trading week! NFP on Friday I advise to preserve capital and stay away that day.
From there I will be expecting bullish pressure to die down and form a wyckoff distribution. Once I see my edge appear on the lower time frame I will execute sells back down to continue the overall trend.
Confluences for Buys are as follows:
- Price has left lots of liquidity to the upside that needs to be taken I.e. like trend lines.
- Supply zone above that needs to be mitigated so still more upside left.
- A 4-hour demand zone has emerged, from which we could witness a bullish response.
- price has changed character and broke structure to the upside before as well.
P.S. This is only a temporary trend notion until a new supply zone materialises for me to consider selling price back down. However, selling opportunities don't appear optimal due to the significant liquidity around the current price.
Have a great trading week! NFP on Friday I advise to preserve capital and stay away that day.