Price is currently trapped between a 4hrs bearish trendline cum supply zone and a bullish order block rejections on the daily TF but I would give the daily TF precedence meaning the hourly bearish trendline cum supply zone would break and Price would fly.
Reasons why GU would buy
1. Multiple rejections off an OB on Daily TF
2. Price has been making series of HHs and HLs on the hourly TF within a channel
3. Price has shown a Market Structure Shift, pulled back to 1.2720, where it was rejected and pushed back up
4. DXY is showing signs of weakness which is also obvious in USDJPY
I would advise looking out for buying opportunities above to 1.2715 for a first target towards 1.2770, and beyond if news during the NY session can push it above the bearish trendline on the hourly TF towards 1.2855
I would love to hear your thoughts 🤔 on this, which zone do you think would hold, Daily OB or 4hrs supply zone, feel free to leave a comment ✍.
Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕
Reasons why GU would buy
1. Multiple rejections off an OB on Daily TF
2. Price has been making series of HHs and HLs on the hourly TF within a channel
3. Price has shown a Market Structure Shift, pulled back to 1.2720, where it was rejected and pushed back up
4. DXY is showing signs of weakness which is also obvious in USDJPY
I would advise looking out for buying opportunities above to 1.2715 for a first target towards 1.2770, and beyond if news during the NY session can push it above the bearish trendline on the hourly TF towards 1.2855
I would love to hear your thoughts 🤔 on this, which zone do you think would hold, Daily OB or 4hrs supply zone, feel free to leave a comment ✍.
Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕
Trade closed: stop reached
4HR Supply zone won over Daily OB. We will smash the next trade 👍Note
Price reversed 5pips away from profit target
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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.