Price has been reinducing and trapping for 2 sessions within level 1. Given there is enough liquidity, anticipating price to move into the next level over the next few sessions. Limit order entry at SQP price. This is a potential intraday position
perfect short opportunity on this pair. Limit order entry at MSQP level. Price may not test that level again as it has already been trapped throguh earlier on Tuesday. If limit order is not triggered, I will look for a entry opportunity within London session to execute a market order.
Structurally this looks great for a second session rise. However, I am slighly cautious due to the EMA fanning out. It is possible for price to retest the Low of the Week so far. Considering that the correlated Indices are lined up, I wiill take this trade though with a lower risk than usual. Limit order at SQP level with a 1:2 R:R
Price has already trapped around prior 000 though there is a chance a pullback/reinducement might occur during new york session tomorrow. Ive placed a sell limit at this price point. The R:R for this setup is 1:2