Pullback to the point of interest, smart money reversal there, few liquidity grabs. I am pretty confident about this short. The only one question I have - where is a dip? Seems like much deeper than my TP
In addition to the previous post about fibs. Break of structure, pullback, reaction. This is not the best tool to open a position, at least I think so, because I do not understand the mechanics of this setup. This is just an observation that you might find useful. Cheers lads
Long story short. I do not know how it works, but among the many charts that I have seen in my life, this kind of pullbacks after break of structure, usually make a reversal from this fibonacci levels. It's definetely not financial advice. I use this setup only for EUR\USD as gambling with high risk reward
I'm not that cool to say for sure it's range or Wyckoff distribution, but this hourly orderblock (which can become a breaker) looks tasty to find some positions. If it's range, than we have a deviation and the hourly orderblock+FVG+introducement at the bottom of range. Target is the upper bound of the range. But if it's the Wykoff distribution - we just have a...
But a little later.
The chart is still bearish; I see no reason to explain the direction. It's just another opportunity to ride the wave. Yes, we have unfilled imbalances (Fair Value Gap) upstairs, which can be a magnet for the price, but they must remain untouchable until the price reaches the mark 1.97. Sure, if the pound does not want to die. Why? Cuz price...
