Pay attention to the updates section as I will be posting when I will be entering my trade.
The analysis is made based on order flow using volume profile + EW
Price is showing a nice rejection of a structure level so I am more inclined towards selling
If Buy opportunities arise I will update below
For risk and money management purposes, always determine a max. of 2% risk on every trade. For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss. Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market. This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
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The price broke above the TSE range (red dashed line range) so we could potentially see the common Frankie fakie technique being used...
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The London Stock Exchange session gets underway now - expecting activity to pick up
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price is moving higher but I am not convinced - there's one fibonacci level ahead - the 78.6 from where strong continuations take place
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the 78.6 also happens to be a round number ~ 1.1700
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I would like to see a 15m bear trend candle form before I take a short entry
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there's bearish divergence forming on the 5m TF
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price is on our level of interest - still NO ENTRY however
my criteria hasn't been met
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Price has broken above the 78.6 but my bearish bias still remains - should there be a harmonic pattern in play we could see a reversal from the 0.886
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price rejection - but still need to see a 15m bear trend candle to enter
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Sell stop order set @ 1.16905
Trade active
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Target set at 1.1674 Stop loss at 1.1705
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Price already moving down nicely
Trade closed: stop reached
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sl reached -17
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will look for a re-entry if I get a sell setup
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It looks like it could form a double top
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not the best of trades for today - the pair just rallied even higher - I will not be interested in it anymore and calling it a day