This week I am predicting for EU to continue the bearish PA which we have seen for the last 2 weeks.
Price is still operating within the 8hr structure range, we have an IC which is yet to be mitigated out of and was followed by another bearish leg. This left imbalance and a perfect fib set up. We can see a daily LB just under the structure range which I am looking for price to eventually target.
In order for price to play into this candle which is around 70 pips away, I would like a smaller tf buy. The bearish structure on the 30 min tf has broken. Going down to the 10 minute, the last bearish candle formed a block which sits just below the immediate eql's. I would like to see price play into this taking the liquidity before heading for the imbalance on the higher tf.
Economically there is PMI for both US and EU as well as GDP for US later in the week.
Price is still operating within the 8hr structure range, we have an IC which is yet to be mitigated out of and was followed by another bearish leg. This left imbalance and a perfect fib set up. We can see a daily LB just under the structure range which I am looking for price to eventually target.
In order for price to play into this candle which is around 70 pips away, I would like a smaller tf buy. The bearish structure on the 30 min tf has broken. Going down to the 10 minute, the last bearish candle formed a block which sits just below the immediate eql's. I would like to see price play into this taking the liquidity before heading for the imbalance on the higher tf.
Economically there is PMI for both US and EU as well as GDP for US later in the week.
Comment:
Price didn't quite reach the 8hr area, instead it filled around 50% of the imbalance, rejected a ny and european session candles before dropping. The drop was due to the Feds interest rate decision.
