EURGBP Short, analysis based on concepts from ICT
youtube.com/watch?v=_9QfSbpZTZA&t=1387s
This is a video from ICT, showing IPDA insights.
So on EURGBP, I actually saw a very similar circumstance playing out like the video above. Price took out the first high of the previous consolidation period, and it depreciates to a level where a key low was at.
The yellow line is a "Rejection Block"
The a few candlesticks' open and close has been touching that line.
And that's enough for me to put a sell limit order on Tuesday, when price hasn't reached that yellow line yet.
However, one thing that I realized is that for this week, price was actually following the a Bearish Weekly Smart Money View template, another concept from ICT. The daily high on Wednesday surpassed Tuesday's high, meaning that price now has a better chance of falling after taking out the stop loss placed at that previous high.
Welp, should've waited for Wednesday to take a trade then. :)
Hope I'm applying the knowledge correctly, and I'll see you guys later!
This is a video from ICT, showing IPDA insights.
So on EURGBP, I actually saw a very similar circumstance playing out like the video above. Price took out the first high of the previous consolidation period, and it depreciates to a level where a key low was at.
The yellow line is a "Rejection Block"
The a few candlesticks' open and close has been touching that line.
And that's enough for me to put a sell limit order on Tuesday, when price hasn't reached that yellow line yet.
However, one thing that I realized is that for this week, price was actually following the a Bearish Weekly Smart Money View template, another concept from ICT. The daily high on Wednesday surpassed Tuesday's high, meaning that price now has a better chance of falling after taking out the stop loss placed at that previous high.
Welp, should've waited for Wednesday to take a trade then. :)
Hope I'm applying the knowledge correctly, and I'll see you guys later!
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