M15 Short term outlook - Bear accumulation
Hey traders!
Following my sentiments on my previous re-entry idea, you should have bagged a good 50 - 60 pips.
Didn't really expect much movement for today since it's bank holiday for most countries but the Asian market managed to bear jog for about 60 pips today. So here's my analysis for this pairing for the short-term M15.
As you can see, the yellow box marked shows a spike in price back above 108.00, a key SR level. Thereafter, a notable purple bearish somewhat pin bar candle is formed (On my other brokerage on mt4 it was a green long bar with lesser volume and a red pin bar with a significantly higher volume ). I can see Big Boys pushing up the price to open short. Well it is still the Asian market doing the work, so it might not be that big, though as for us retail and scalp traders, they are still BIGGER. Anyways, I would expect more accumulation and volume slightly above this area. For traders with existing green positions, I would wait for Bigger Boy NYC to come into play before adding another short position. As for those who are considering to short as well, let's wait for a nice Price Action wave to form a classic setup (HH, LH) on the blue dragon EMA . However, this might be a short 30 pips trade as another immediate 0.386 fibo extension level at 107.54 would act as minor support.
Even so, if big boys are accumulating above, they might not just stop the price here but possibly run it to the next significant price level around support 106.4 and 105.
We shall see
Please comment on what you think!
If you like my idea, please give me a thumbs up and hit follow for notifications on future forex updates.
Do request for any forex pairing analysis.
ForexPipCheats
Legal Risk Disclosure:
Trading foreign exchange or CFD on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work for you as well as against you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor.
Disclaimer:
Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary or educational information and does not constitute to investment advice. I do not accept liability for any loss or damage, including without limitations to, any loss of profit, which may arise directly or indirectly from use of or reliance on such
Following my sentiments on my previous re-entry idea, you should have bagged a good 50 - 60 pips.
Didn't really expect much movement for today since it's bank holiday for most countries but the Asian market managed to bear jog for about 60 pips today. So here's my analysis for this pairing for the short-term M15.
As you can see, the yellow box marked shows a spike in price back above 108.00, a key SR level. Thereafter, a notable purple bearish somewhat pin bar candle is formed (On my other brokerage on mt4 it was a green long bar with lesser volume and a red pin bar with a significantly higher volume ). I can see Big Boys pushing up the price to open short. Well it is still the Asian market doing the work, so it might not be that big, though as for us retail and scalp traders, they are still BIGGER. Anyways, I would expect more accumulation and volume slightly above this area. For traders with existing green positions, I would wait for Bigger Boy NYC to come into play before adding another short position. As for those who are considering to short as well, let's wait for a nice Price Action wave to form a classic setup (HH, LH) on the blue dragon EMA . However, this might be a short 30 pips trade as another immediate 0.386 fibo extension level at 107.54 would act as minor support.
Even so, if big boys are accumulating above, they might not just stop the price here but possibly run it to the next significant price level around support 106.4 and 105.
We shall see
Please comment on what you think!
If you like my idea, please give me a thumbs up and hit follow for notifications on future forex updates.
Do request for any forex pairing analysis.
ForexPipCheats
Legal Risk Disclosure:
Trading foreign exchange or CFD on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work for you as well as against you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor.
Disclaimer:
Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary or educational information and does not constitute to investment advice. I do not accept liability for any loss or damage, including without limitations to, any loss of profit, which may arise directly or indirectly from use of or reliance on such
Trade closed: target reached
