Here we see a possible set up on the 1-hour Timeframe for AUDJPY. The price is currently creating a Bearish Wedge/Flag pattern on the 4-hour timeframe.
Marked in Green we have a fresh level of Supply which is clearly visible on the 1, 2 and 3 hour timeframe.
I would like to see this Supply Zone (which is also a key institutional level @ 74.000) broken to the upside which would bring the Retail Buyers into the Market before 'Smart Money manipulation' occurs and the price is pushed back down.
Me personally i am holding out for the 'Fake out' of the zone, a bearish move then retest of around 73.950 before i enter sells.
Nice 1:6RR possibility so lets see how the market unfolds.
Note - These are my views on how i would like the market to play out, this is not to be taken and a signal/financial advice.
Excellent, thanks a lot. I’d be very interested to hear how you determine what are the Key Institutional Levels, if you are able to share? Is it as simple as the Big Round Number (BRN) levels, eg x0000?