Reaction off the last accumulation OB, a QML ZONE retest expected
That little nice liquidity pool down there shouldn't be ignored, it just looks tasty! to me...
We can anticipate a sell limit order with a tight stop loss above the old high, if it doesn't hold, our next bet would be the supply zones above.
Stops above EQ H taken out, a run below the old EQ L is expected
since there was a strong rejection, I believe the market will head down once more to collect more orders on the demand zone and reverse back up. My final target would be a little bit above the 50% of the weekly range
I expect a minor move below the EQ L and a rally to retest the QML zone
i expect some spikes to supply followed by a drop to demand
This is my view: Explosive drop to demand zone left an imbalance up there, reaction to demand, rally to midrange, back to discount, accumulation, Rally to fill the imbalance.
EURGBP has just tapped on liquidity below the market, the market is likely to reverse from this point for a delivery rebalance.
Market structure broke to the upside, a down move for some accumulation, and now an upmove to fill the imbalance.
We have just landed on July 2019 high, three days left for the monthly candle to close, what are your expectations?
Update to my previous idea: If the Supply zone doesn't hold, my next bet is selling above the equal highs, there is where the large players would be taking profits and pairing their short orders to the breakout traders.
After the explosive run that occurred last year on Feb-Mar, the market has created a large imbalance and eventually a false bullish flag, the most likely move that would take place after so is a reversal to at least below the false flag, also taking the imbalance to be filled in consideration.
Since the commercials are increasing their longs and the Market has just arrived at a strong demand zone, I expect a reversal to at least the neckline of the W formation on the Monthly TF.
looks like Wyckoff distribution schematic is in play