I bet you didn't like last week price action. Me neither. Price pushed up on Wednesday to take out some of the nicely built up liquidity. That was something that we saw coming. After it reacted from that buy-side liquidity, created 4h bearish signs that the top could be in before the decline.
The immediate momentum up on Thursday was not something that supported the bearish top idea.
You know why Price action was this unpredictable? Because we are still in 50-50 conditions. We have reacted down from the monthly Premium array, but we are still holding above a Weekly Discount array. As long as Price can't close below, and can't print Daily fair value gaps down we are basically guessing. Sure, low timeframe scalps could work, but we should always have a higher timeframe bias/direction in mind to trade high probability setups.
Bunch of news coming this week. NFP on Friday. Price should set it's intentions after that. Thursdays could be choppy as hell so look out for that.
The best case scenario is on the charts. If we are bearish ofc.
Remember, it isn't high probability condition to put risk on. Wait for price action to clear up, do not burn your money until than. As traders our job is to recognize these conditions and preserve our capital. Take less shots before you hit it right.
Ok be safe byyyyy
The immediate momentum up on Thursday was not something that supported the bearish top idea.
You know why Price action was this unpredictable? Because we are still in 50-50 conditions. We have reacted down from the monthly Premium array, but we are still holding above a Weekly Discount array. As long as Price can't close below, and can't print Daily fair value gaps down we are basically guessing. Sure, low timeframe scalps could work, but we should always have a higher timeframe bias/direction in mind to trade high probability setups.
Bunch of news coming this week. NFP on Friday. Price should set it's intentions after that. Thursdays could be choppy as hell so look out for that.
The best case scenario is on the charts. If we are bearish ofc.
Remember, it isn't high probability condition to put risk on. Wait for price action to clear up, do not burn your money until than. As traders our job is to recognize these conditions and preserve our capital. Take less shots before you hit it right.
Ok be safe byyyyy
Comment:
Price managed to close below PDL. Haven't seen this kind of price action in a while... Finally, good signs are popping up.