Same bias and reasoning from recent GBPUSD Short Post.
Currently here is what I see:
Accumulation, Manipulation, Distribution, Continuation.
1. Accumulation started last week Friday
2. Manipulation phases occur Tuesday this week due to move on liquidity and tapping into an area of imbalance above the the pool of liquidity. This area has confluence due to clear order block on the 4HR/1HR timeframe
3. Downward selling pressure occur but in doing so has created further imbalance and an order block where the manipulation started that needs to be rebalance/inefficiency corrected.
4. DXY on the Daily/4HR has shown signs of imbalance which I expected to be tapped into before continuing higher as the weekly timeframe indicates higher bullish price movement.
5. Further liquidity pools are being generated to bring in more seller orders into the market in order to distributed price and continue to the downside.
6. Expecting sellside liquidity/market structure low level to be broken
Currently here is what I see:
Accumulation, Manipulation, Distribution, Continuation.
1. Accumulation started last week Friday
2. Manipulation phases occur Tuesday this week due to move on liquidity and tapping into an area of imbalance above the the pool of liquidity. This area has confluence due to clear order block on the 4HR/1HR timeframe
3. Downward selling pressure occur but in doing so has created further imbalance and an order block where the manipulation started that needs to be rebalance/inefficiency corrected.
4. DXY on the Daily/4HR has shown signs of imbalance which I expected to be tapped into before continuing higher as the weekly timeframe indicates higher bullish price movement.
5. Further liquidity pools are being generated to bring in more seller orders into the market in order to distributed price and continue to the downside.
6. Expecting sellside liquidity/market structure low level to be broken
Comment:
UPDATE
1. Looking at the DXY the imbalance has now been filled/tapped into and ready for a reversal to the upside for the final daily & weekly close.
2. Upon seeing this i originally expecting price to retrace slightly higher but then later realised t wouldn't match up within what is currently happening on the DXY.
3. Now entered a short entry on the 30 min timeframe based on the 30min order block with an imbalance within the order block as an entry
4. Entry price = 1.25836, SL = 1.26013, TP = 1.25235 - 3.4R Trade.
Lets see how it goes......
1. Looking at the DXY the imbalance has now been filled/tapped into and ready for a reversal to the upside for the final daily & weekly close.
2. Upon seeing this i originally expecting price to retrace slightly higher but then later realised t wouldn't match up within what is currently happening on the DXY.
3. Now entered a short entry on the 30 min timeframe based on the 30min order block with an imbalance within the order block as an entry
4. Entry price = 1.25836, SL = 1.26013, TP = 1.25235 - 3.4R Trade.
Lets see how it goes......
Comment:
UPDATE
Took -1% loss on the entry. But this is not a bad thing as the plan hasnt changed. I will still be looking for entries at the FVG zone above my original entry.
Took -1% loss on the entry. But this is not a bad thing as the plan hasnt changed. I will still be looking for entries at the FVG zone above my original entry.
Comment:
UPDATE
1. Made an entry in the New York session based on entry confirmation on the 15min timeframe as we experience BOS/MSS with an imbalance on the displacement leg. I entered abit late as i wasnt on the charts at the perfect moment for entry but it wasnt a bad entry at all.
2. Entry = 1.26103, SL = 1.26224. This trade has a 1:9R potential but happy take what the market gives and what i am comfortable with also.
Let see how it goes......
1. Made an entry in the New York session based on entry confirmation on the 15min timeframe as we experience BOS/MSS with an imbalance on the displacement leg. I entered abit late as i wasnt on the charts at the perfect moment for entry but it wasnt a bad entry at all.
2. Entry = 1.26103, SL = 1.26224. This trade has a 1:9R potential but happy take what the market gives and what i am comfortable with also.
Let see how it goes......
Lets see........