Looking for a retracement into the fib levels and 4 hour POC/2 hour demand we could see the previous weeks high taken out first though.
Looking to short against the upwards trend after a potential liquidity grab into the hourly supply/Fibonacci levels. Aiming to target the higher timeframe demand.
200 and 50 MA cross with a retracement into the .79 fibonacci levels. 2 hour supply zone manipulated therefore looking to scale into shorts from the 4 hour supply. Could see the previous week highs taken out so stop loss is adjusted for that.
Todays trade came about as we broke out of the Asian range lows sweeping the liquidity created from previous equal lows. We entered into the higher time frame order block which indicated the move was a liquidity grab. We hit take profit after taking out the Asian highs and filling the imbalance. 5:1 RR.
Price retested and rejected at .86400 at an area of high confluence. Expecting price to fall and continue with longer term downtrend.