Interesting. Loads of news coming! CPI, FOMC, and interest rate decisions for CHF, GBP and EUR.
I will wait until I see how the CPI data turns out before jumping in this market for trades.. especially for any buys.
I do, however, see that *support * differently... as I am tentatively bearish in this market.
D1:
1 - A bearish break of of Swing structure. Confirms the market is bearish until the high is taken out.
2 - The return to the impulsing order block. This is the expected pullback correction after a BOS.
This D1 supply zone was in the premium of the trading range, imbalanced and unmitigated, and price reacted
to it perfectly (see last weeks Sunday livestream). It also broke the daily uptrend line.
3* - This is no doubt going to look to some as price finding support for a move up. But it is sell side
liquidity, looking thru the lens of SMC. I expect those lows to be swept, as there are SLs there for the
traders that took longs from those levels.
4 - This is a well placed imbalance/fair value gap that looks to be filled ... potentially... as price moves to
mitigate the demand zone that formed that gap.
5 - This demand zone has potential to hold price once mitigated. So any shorts taken from up higher
into it should TP in this area, imo.
Personally, I will be looking for confirmations to take a long from here. We'll see how price reacts
to this poi firs, though.
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I will wait until I see how the CPI data turns out before jumping in this market for trades.. especially for any buys.
I do, however, see that *support * differently... as I am tentatively bearish in this market.
D1:
1 - A bearish break of of Swing structure. Confirms the market is bearish until the high is taken out.
2 - The return to the impulsing order block. This is the expected pullback correction after a BOS.
This D1 supply zone was in the premium of the trading range, imbalanced and unmitigated, and price reacted
to it perfectly (see last weeks Sunday livestream). It also broke the daily uptrend line.
3* - This is no doubt going to look to some as price finding support for a move up. But it is sell side
liquidity, looking thru the lens of SMC. I expect those lows to be swept, as there are SLs there for the
traders that took longs from those levels.
4 - This is a well placed imbalance/fair value gap that looks to be filled ... potentially... as price moves to
mitigate the demand zone that formed that gap.
5 - This demand zone has potential to hold price once mitigated. So any shorts taken from up higher
into it should TP in this area, imo.
Personally, I will be looking for confirmations to take a long from here. We'll see how price reacts
to this poi firs, though.
If you like this analysis and would like to see more, give this post a BOOST with thumbs up!
Like & Subscribe is the best thank you in the world!
Trade safely.
Comment:
Comment: The Supply Zone has proven resilient, as expected. I still believe the equal lows are the target for liquidity. I believe there is a high probability the lows will be swept, and price will potentially fill the fvg and mitigate the demand zone below. The mitigation of the DZ is less likely, but the potential is there.
Trade closed: target reached:
Target reached... finally. LOL