Pullbacks have been weak for the past week. Price has been strongly attracted to the H4 POI that was mitigated today. The mitigation is only shallow at this stage and I am confident we will sink further into it or even possible through it and down to the daily inducement below.
You will notice I have marked the M15 IDM as a potential CHoCH. This is because we have mitigated the H4 zone which does create a conflict, unfortunately.
Scenario A: This is my favourite as it follows the shallow retracement theme that we have witnessed recently, though now we are able to use the M15 context as opposed to the M5 that the drop last Thursday committed us to. The DOB is prime with liquidity and is also a flip zone where the 1.09685 level failed
Scenario B: There is liquidity up there but in my opinion, there may not be enough to warrant the air fare up there!
There is a scenario C that I haven't marked due to its triviality. Price may create another internal leg down and another inducement and then come back up. That could lead to more entry opportunities for entries!
Throughout tomorrow I will be looking for price to exploit session liquidity to push to the downside. Today's (2/8/23) daily high could be used tomorrow to add weight to the POI I have labelled '2'.
Tomorrow we have OPEC meetings all day and high-impact USA news at 12:30 and 14:00 UTC. These might be used to get up to the higher zones. Also keep in mind that we have NFP on Friday
As always, this is pure speculation, take my opinion with a pinch of salt and if you do act on it, do so with solid risk management.
You will notice I have marked the M15 IDM as a potential CHoCH. This is because we have mitigated the H4 zone which does create a conflict, unfortunately.
Scenario A: This is my favourite as it follows the shallow retracement theme that we have witnessed recently, though now we are able to use the M15 context as opposed to the M5 that the drop last Thursday committed us to. The DOB is prime with liquidity and is also a flip zone where the 1.09685 level failed
Scenario B: There is liquidity up there but in my opinion, there may not be enough to warrant the air fare up there!
There is a scenario C that I haven't marked due to its triviality. Price may create another internal leg down and another inducement and then come back up. That could lead to more entry opportunities for entries!
Throughout tomorrow I will be looking for price to exploit session liquidity to push to the downside. Today's (2/8/23) daily high could be used tomorrow to add weight to the POI I have labelled '2'.
Tomorrow we have OPEC meetings all day and high-impact USA news at 12:30 and 14:00 UTC. These might be used to get up to the higher zones. Also keep in mind that we have NFP on Friday
As always, this is pure speculation, take my opinion with a pinch of salt and if you do act on it, do so with solid risk management.
Note
A ranging day with no significant movement other than that caused by the news. I am expecting the same tomorrowNote
Scenario 3 played out and we did push further into the H4 zone as anticipated. Session liquidity was used when London swept the sell-side of Asia within the H4 extreme, also creating a IFC that swept the PDL on the H1, pushing price to the upside with momentum. The target is not reached yet so I will expect a continuation of the same idea tomorrow
Vagrant market bully.
No course and no challenge passing, please don't ask. Luck is what happens when preparation meets opportunity.
No course and no challenge passing, please don't ask. Luck is what happens when preparation meets opportunity.
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.
Vagrant market bully.
No course and no challenge passing, please don't ask. Luck is what happens when preparation meets opportunity.
No course and no challenge passing, please don't ask. Luck is what happens when preparation meets opportunity.
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.