We finally broke out of the range with some help from Japan and have landed in a pretty heavy daily demand zone as well as being very deep in the H4 extreme.
Looking at the daily structure, there is nothing much below us with regards to order blocks, just the inducement (1.08333) which could indicate that the inducement will be swept. there is a nuance with the daily inducement, however. If we qualify it with minor structure then the H4 inducement validates our daily high, I always go off major structure which means that the daily inducement is yet to be taken so the rejection from the daily order block we had yesterday could be short lived.
Now we have almost defined a new M15 range, I have the usual suspects marked out, those being the points that could turn price around from the pullback and those are, in my humble opinion in order of probability.
None of these apart from the M15 inducement are valid until the inducement has been taken
A - We pull back up to the inducement (1.09604), sweep it and head down for an M15 BoS. This will also be taking the previous daily buy side liquidity
B - We pull back and mitigate the decisional zone (1.09692) and head down for an M15 BoS
C - We pull back up to the engineered liquidity (1.10051), sweep it and head down for an M15 BoS
D - We pull back and mitigate the extreme zone (1.10230) and head down for an M15 BoS
E - We pull back and mitigate the external range liquidity (1.10650) with a sweep and head down for an M15 BoS
There is the possibility that price will create a new internal low which means our current inducement at 1.09604 will move down to 1.09360 (where I have labelled 'IDM candidate').
I also have in the back of my mind that we are in some pretty deep liquidity right now and there is potential for a high time frame reversal to the upside. My system says I am bearish until at least the M15 turns bullish and is something that helps me stay mechanical but I can't help buy keep it in mind.
The last POI is the daily inducement at 1.08333. If price has this in its sights then the M15 pullbacks will be shallow as price drives towards it which is why I have the inducement as the highest probability turning point.
I wish you all a profitable day. Don't forget to set your alerts and we'll catch up tomorrow in the minds.
Looking at the daily structure, there is nothing much below us with regards to order blocks, just the inducement (1.08333) which could indicate that the inducement will be swept. there is a nuance with the daily inducement, however. If we qualify it with minor structure then the H4 inducement validates our daily high, I always go off major structure which means that the daily inducement is yet to be taken so the rejection from the daily order block we had yesterday could be short lived.
Now we have almost defined a new M15 range, I have the usual suspects marked out, those being the points that could turn price around from the pullback and those are, in my humble opinion in order of probability.
None of these apart from the M15 inducement are valid until the inducement has been taken
A - We pull back up to the inducement (1.09604), sweep it and head down for an M15 BoS. This will also be taking the previous daily buy side liquidity
B - We pull back and mitigate the decisional zone (1.09692) and head down for an M15 BoS
C - We pull back up to the engineered liquidity (1.10051), sweep it and head down for an M15 BoS
D - We pull back and mitigate the extreme zone (1.10230) and head down for an M15 BoS
E - We pull back and mitigate the external range liquidity (1.10650) with a sweep and head down for an M15 BoS
There is the possibility that price will create a new internal low which means our current inducement at 1.09604 will move down to 1.09360 (where I have labelled 'IDM candidate').
I also have in the back of my mind that we are in some pretty deep liquidity right now and there is potential for a high time frame reversal to the upside. My system says I am bearish until at least the M15 turns bullish and is something that helps me stay mechanical but I can't help buy keep it in mind.
The last POI is the daily inducement at 1.08333. If price has this in its sights then the M15 pullbacks will be shallow as price drives towards it which is why I have the inducement as the highest probability turning point.
I wish you all a profitable day. Don't forget to set your alerts and we'll catch up tomorrow in the minds.
Note
Price reacted from the internal M15 IDM. I'm not a fan of minor structure but I am willing to pay the entrance fee on this sweep. It did cut my long off prematurely, though but let's see Note
Trade at BE running in good profit. I will likely close it before the news Trade closed: target reached
Closed 3.6R - 
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.