Potential Intraday setup lining up on GBPUSD.
Although I do have a bearish bias and believe that last weeks bullish engulfing close was just clearing LQ above the intraday range highs before we move lower. From a LTF perspective price is over extended to the downside& testing significant level of 4H demand. We can identify on the 15min price has broke out of this wedge, inducing sellers into the market and clearing Sell side liquidity below the lows. Now for me there is a high probability price will target the stops above the highs.
I am waiting patiently for price to approach the previous day low before I look for potential entry confirmations, according our strategies. If entry confirmations are met Target will be the FVG above.
Although I do have a bearish bias and believe that last weeks bullish engulfing close was just clearing LQ above the intraday range highs before we move lower. From a LTF perspective price is over extended to the downside& testing significant level of 4H demand. We can identify on the 15min price has broke out of this wedge, inducing sellers into the market and clearing Sell side liquidity below the lows. Now for me there is a high probability price will target the stops above the highs.
I am waiting patiently for price to approach the previous day low before I look for potential entry confirmations, according our strategies. If entry confirmations are met Target will be the FVG above.