EURGBP low risk sell
Updated
Here we can see the market maker's sell model at work.
An initial accumulation, with two runs towards resistance, with the institutionals reversing course back down into large liquidity pools (easy money). There are two potential distribution areas because 1) EUR is not 'that' strong 2) GBP is not 'that' weak either so at the moment I'm unsure which of the two will be used. Could be liquidity is more interesting after all and there will be euro's on the table. Could also be it reaccumulates into a larger scheme (4h) bullish market. We don't know anything for sure right?
I'll be analyzing 4h tomorrow again and;
paying attention to the first distribution to spot possible bullish signs. Because it can be we only have one distribution area to work with.
I already had a short going since this afternoon's high, but I'll add to it when we reach 70.5% optimal trade entry. We could however not see price retrace back up again because I spotted a smaller timeframe sell which is the blue candle in the neck right there.
An initial accumulation, with two runs towards resistance, with the institutionals reversing course back down into large liquidity pools (easy money). There are two potential distribution areas because 1) EUR is not 'that' strong 2) GBP is not 'that' weak either so at the moment I'm unsure which of the two will be used. Could be liquidity is more interesting after all and there will be euro's on the table. Could also be it reaccumulates into a larger scheme (4h) bullish market. We don't know anything for sure right?
I'll be analyzing 4h tomorrow again and;
paying attention to the first distribution to spot possible bullish signs. Because it can be we only have one distribution area to work with.
I already had a short going since this afternoon's high, but I'll add to it when we reach 70.5% optimal trade entry. We could however not see price retrace back up again because I spotted a smaller timeframe sell which is the blue candle in the neck right there.
Note
Here's the 15 min chart showing the possible low risk sell already active:Trade closed manually
Note to self: don't use bearish orderblocks when the general trend on a larger timeframe is bullish and vice versa. It makes no sense looking for potential reversals on lower timeframes if there's no underlying reason on a larger timeframe!
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