BTCUSD - M15 Short-Term Downside - Timing Today's USD News
Analysis of overall situation:
- We had a strong push up (to the left)
- We're now in a retracement phase.
Usually there are 3 pushes down before the retracement is done. We're on that 3rd push phase. - I'm looking to Buy overall, so this is a short-term scalp in line with the retracement. (The Buy scenario is the orange SnDR zone lower)
- H4 candles still showing weakness, indicating the retracement isn't done yet. Also, the spike from the previous M15 low happened at the new day, which hints it's not the real low.
- Waiting for the market to first take liquidity off the high of today, ideally enter into the gap (blue zone) then create strong Bearish candles.
- Entry will be on any M5/M15 retracement - after a break of structure. Also eventually breaking the current upward trendline.
- Targeting the M15 low
- Timing for this entry is after the USD News at NY Session.
- If market hits the invalidation level marked, then this idea is discarded.
Trade active
Didn't move into the blue area of interest. No entry.Note
Still waiting.Trade closed: target reached
It finally played out...
More patience was needed
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.