EURGBP: WAIT !!! DON'T BUY TOO EARLY!!!.
Updated
we still have a sellside inefficiency and price still need to rebalance it before finally going bullish on EURGBP.
It is of no doubt that we're currently bullish on EURGBP, price is currently looking to fade into a large TF premium Arrays before finally displacing lower.
Confluences:
1. we previously had a bullish displacement on the weekly TF leaving a bullish order block behind, price has been trading lower to of recent to mitigate the weekly propulsion block and that is a trend already on the daily TF.
2. On the daily TF, we had a displacement lower showing the interest of the smart money to sell into the weekly propulsion block (IPDA).
3. The banks sell at premium and buy at discount. We're currently in a discount level of the bearish displacement price swing, and before we can expect the banks to sell we must see price trade into the premium P.D-Array of the bearish displacement price swing.
4. I'm looking for price to trade into the equal highs above after the fvg, as it is going to be a draw on liquidity for the smart money to offload the buy stops they've accumulated trading higher.
5. we also have an order block above the fair value gap, we're also likely to see price trade into that before we start building a bearish bias.
Conclusion:
On the one hour TF, you don't want to buy too early, price is still having a sellside inefficiency to fill in and it could even go all the way down to sweep the previous week low before finally trading for higher prices.
Bullish opportunities are likely to be more profitable this week than shorts on EURGBP.
StefanFX
It is of no doubt that we're currently bullish on EURGBP, price is currently looking to fade into a large TF premium Arrays before finally displacing lower.
Confluences:
1. we previously had a bullish displacement on the weekly TF leaving a bullish order block behind, price has been trading lower to of recent to mitigate the weekly propulsion block and that is a trend already on the daily TF.
2. On the daily TF, we had a displacement lower showing the interest of the smart money to sell into the weekly propulsion block (IPDA).
3. The banks sell at premium and buy at discount. We're currently in a discount level of the bearish displacement price swing, and before we can expect the banks to sell we must see price trade into the premium P.D-Array of the bearish displacement price swing.
4. I'm looking for price to trade into the equal highs above after the fvg, as it is going to be a draw on liquidity for the smart money to offload the buy stops they've accumulated trading higher.
5. we also have an order block above the fair value gap, we're also likely to see price trade into that before we start building a bearish bias.
Conclusion:
On the one hour TF, you don't want to buy too early, price is still having a sellside inefficiency to fill in and it could even go all the way down to sweep the previous week low before finally trading for higher prices.
Bullish opportunities are likely to be more profitable this week than shorts on EURGBP.
StefanFX
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