#1. We had a major "Resistance" level get taken out in the from of BuyStops.
#2. Market shot price down in the form a of displacement causing a Fair Value Gap.
#3. Wait for Price to come back up to the premium zone and look for sells.
Aggressive Approach: Sell limit at the 0.62 Retracement
Conservative Approach: Look for more fair value gaps and order blocks inside the premium zone.
Notice both Approaches are inside the premium zone where we develop what we call an Optimal Trade Entry.
If the market does retrace inside the premium zone, I will update this post with lower time frame entries.
Remember to Partial and reduce risk.
Disclaimer: Trade at your own risk, I am only demo trading here.
Forever grateful for you Michael H. "The Ghost"
#2. Market shot price down in the form a of displacement causing a Fair Value Gap.
#3. Wait for Price to come back up to the premium zone and look for sells.
Aggressive Approach: Sell limit at the 0.62 Retracement
Conservative Approach: Look for more fair value gaps and order blocks inside the premium zone.
Notice both Approaches are inside the premium zone where we develop what we call an Optimal Trade Entry.
If the market does retrace inside the premium zone, I will update this post with lower time frame entries.
Remember to Partial and reduce risk.
Disclaimer: Trade at your own risk, I am only demo trading here.
Forever grateful for you Michael H. "The Ghost"
Comment:
Zoom out to see clearer picture
Comment:
Price technically retraced back into the fair value gap but was still within the discount zone. Wanted to at least take short position in the premium zone of this range but from the looks of it, we're probably going to have to move on from this trade. On to the next one.