This idea aligns with my other pairs. After mitigating a daily imbalance, price is showing clear rejection and heading down to fill the imbalance left from last week's NFP news event.
If price reaches the extreme demand level on the 17-hour timeframe, I'll wait for a Wyckoff accumulation to buy back up. Meanwhile, I’m watching for a new supply zone to sell from or considering imminent sells as price is currently in a 4-hour supply zone.
Confluences for EU Sells:
Price broke structure to the upside on the higher timeframe.
Significant liquidity and imbalances remain to the upside.
A clean 17-hour demand zone triggered this bullish move.
Large imbalance above the demand zone that needs filling.
P.S. If price moves higher and surpasses the last swing high, I'll look to the deep supply on the 22-hour timeframe as the next drop-off point.
If price reaches the extreme demand level on the 17-hour timeframe, I'll wait for a Wyckoff accumulation to buy back up. Meanwhile, I’m watching for a new supply zone to sell from or considering imminent sells as price is currently in a 4-hour supply zone.
Confluences for EU Sells:
Price broke structure to the upside on the higher timeframe.
Significant liquidity and imbalances remain to the upside.
A clean 17-hour demand zone triggered this bullish move.
Large imbalance above the demand zone that needs filling.
P.S. If price moves higher and surpasses the last swing high, I'll look to the deep supply on the 22-hour timeframe as the next drop-off point.
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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.