I'm marking up the Australian Dollar/Japanese Yen from a smaller perspective for intraday opportunities for this trading week.
Bias - Bullish
All of what you're witnessing is transpiring within a HTF Order Block. When dealing with a huge liquidity pool you must go in knowing that price will more than likely be in the zone for a minute before actually heading out due to it's massive size. In those cases you must be patient while keeping track of Price Action, it will leave you clues. Let's start!
Confluence (3 or more):
1. A Ledge ($63.747-$63.950) had formed before entering O.B. ($62.773-$63.654).
2. Price is in a bullish Order Block.
3. 2 Order Blocks formed within the HTF O.B. in bull's favor.
I would look for long positions once price break & retest the Ledge's Distal @ $63.95 to Take Profit to $65.24. Once there's a B.A.R. of the $65.62 level I would look for more areas to execute longs, but other than that I'm not interested in any shorting for now. Things can always change though. We shall see
*NOT FINANCIAL ADVICE*
Bias - Bullish
All of what you're witnessing is transpiring within a HTF Order Block. When dealing with a huge liquidity pool you must go in knowing that price will more than likely be in the zone for a minute before actually heading out due to it's massive size. In those cases you must be patient while keeping track of Price Action, it will leave you clues. Let's start!
Confluence (3 or more):
1. A Ledge ($63.747-$63.950) had formed before entering O.B. ($62.773-$63.654).
2. Price is in a bullish Order Block.
3. 2 Order Blocks formed within the HTF O.B. in bull's favor.
I would look for long positions once price break & retest the Ledge's Distal @ $63.95 to Take Profit to $65.24. Once there's a B.A.R. of the $65.62 level I would look for more areas to execute longs, but other than that I'm not interested in any shorting for now. Things can always change though. We shall see
*NOT FINANCIAL ADVICE*
Comment:
Looking from a larger perspective, I believe it's setting up for a downturn in the market. I would be interested in the $64.64 level for execution.. slightly lower. Nice profit margin forming at the time of me typing this comment. 10.35AM EST.
Comment:
Target achieved.