06/08/2022 NQM2022 POTENTIAL BUY SETUP
Updated
We have a Bullish higher time frame bias in mind and have a draw on liquidity at the 12945.25 price level. We are currently looking for a buy setup and are waiting to see what London session will give us. We will look back at the chart and get ready to hunt for a setup after 8:30am EST
Note
Best trading opportunity would have been on the 1m chart
Confluence:
-Sellside raided
-Market broke a short term high indicating Bullish MSS
-Price traded back into the FVG
-SL where the Bullish OB is and the TP would have been the previous imbalance
KEY POINTS:
I did not see a respectable RR until I got down to the 1m chart and sometimes it is okay to not enter a trade if the RR is not 3:1 or above.
Overall, I would not have participated in this trade because in my mind I would have aimed for the lowest fruit that is hanging but that left me with a 2.45:1 RR. I am not fully confident in my trading to look for longer profit targets just because I have not spent enough time learning and studying price action.
Note
Just to add this trade was a 5:1 RR if the imbalance high would have been used as a profit target
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