EUR/USD to push above to 1.12299 We can see price on the Euro has been moving bullish as of recent as it is currently retracing on the HTF. I suspect price will push up to the 2day supply I have marked out. price may perform either one of two scenarios before reaching this zone in order to ultimately continue in it's HTF downtrend.
Scenario A:
Market open price pushes down taking both equal low liquidity and trendline liquidity tapping into the 1H demand at the swing low beneath the Asian low then pushing up into the 2day supply taking the triple equal highs.
Scenario B:
Price pushes up at Market open and taps into my 38min zone and continue in its HTF downtrend taking all the liquidity to the downside. This zone is validated by a LTF Change of character. It is also possible price may react from this zone in order to carry out scenario A.
Although scenario B is likely I believe that Scenario A is most likely to play out as this is supported by price breaking structure to the upside and the amount of strong bullish candles to the upside. This also correlates with the Dollar as I am expecting price to be bearish this week on DXY. It is also possible that price may push straight into this 2 day supply without tapping into any of my zones which I would then use as liquidity points and TP targets.
Ultimately, my objective is to be open minded and understand the different possibilities and outcomes of what the market can do and be able to adapt to each scenario accordingly. Hope this analysis helps you going into this week :D
Longtoshort
US-Oil/WTI 19th FEB What's up guys!
Another breakdown here, this time for US oil market.
As you can see from this breakdown, we have a clear area of demand that price is rejecting away from.
Based on this and where we stand in overall structure, I am expecting bullish movements to take us into the area of supply highlighted above. From that point, I am going to watch to see if the price is either going to hold there or breakthrough to continue higher.
Overall, I will be looking for longs into the supply in shorts away from the supply, but of course, we do not know fully if this area of demand below will hold. So I'll be looking for a short-term entry to go long. If we break the supply above and continue higher, I'll be targeting the triple top highlighted in green.
Worst case, we don't break through the area of supply and we continue going short, in that case, I'll start aiming for the low which is highlighted in red.
Another pretty simple breakdown. Overall, I'm looking forward to trading this pair this week as it shows lots of potential.
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As always guys trade safe, stick to your trading plan.
I hope you all have an amazing trading week.
EUR/JPY possible redistribution!Hello my beauties.
It seems to me that EUR/JPY is in a phase of redistribution.
The arrows indicate a rough idea of what I think the price action will provide us with, and they are not to be taken as an accurate forecast of what I think will happen.
Remember I'm not suggesting you should take a position, but verify the idea and monitor price in the indicated areas.
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Peace.
Luca, TrickleDownFX