Hey Guys, let me know what you think, basically we had a massive distribution for about 37 days of sideways action hitting all the highs before breaking downward, now we see the corrective phase after clearing the lows of 1.38. And we see another distribution with another break of structure downward. so this means the corrective phase is done, and the second drop is incoming. Yesterday during London session we saw one last attempt to take out early sellers, but knowing all this I instead took that opportunity to stack sells as price went higher for the stop hunts. My first tp is at 1.38 but I expect this do drop much much lower.
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Ok guys so basically after NFP friday, the market decided to pull back from the lows, and today we played into a 4hr institutional candle, and we see the rejection strongly from that candle so expectations are:1. the upward move initiated by NFP is complete
2. The downward move to 1.37 will begin from here
So now i expect a continuation to the lows of 1.37 and i would also like to see 1.3669 wicked through (to grab liquidity), however all my TPs are set to 1.37 and from there we will study price again. My positions opened on 28/6/2021 around 1.3925 are still running, i will update if the situation changes and my idea becomes invalid.
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Take it home boisTrade closed: target reached
target 2 hit
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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.