EUR/CHF – 9.27 We are at the top of our HTF Supply zone where we are just breaking through the strong resistance at the top of a HTF symmetrical triangle. I’m not convinced of this breakout and am expecting this to be a liquidity pull above former structure. I see an opportunity here to short the liquidity grab and ride price back down into the triangle and toward required liquidity.
Why I think it’s going down short term: 1. We just created a major CHoCH on the daily and have yet to mitigate the major demand and liquidity zone that it created below 2. That same demand zone is sitting at a HTF support level so it is the ultimate liquidity source for bulls 3. We also just broke out of and retested a MTF ascending wedge which typically indicates a reversal in trend 4. Rejected at major resistance above - lacking liquidity to push higher
Good R:R trade opportunity considering we are at the top of potential reversal – LTF just made a CHoCH and we are awaiting a LTF Supply zone mitigation to enter our trade.
There is also a bigger R:R opportunity for our TP2 which is the bottom of the triangle and another strong HTF support level.
For this trade, we are awaiting a post-CHoCH reversal confirmation with a supply zone mitigation and LTF (5/1min) BOS Stop loss is above our MTF (2HR) supply zone TP1 at retest of upper triangle & HTF support level = 2.2 R:R TP2 at retest of lower triangle support = 4.9 R:R
Trade active
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We are still awaiting a bearish CHoCH creation on the LTF in order to enter! Patience is key when in a consolidation period
Our FVG Has held as support thus far and liquidity is being created at these levels for future use.
Comment
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We have created a CHoCH and BOS on the MTF! We are now looking for a LTF supply zone mitigation to enter!
We have bearish CHOCH on 15m but there is a strong order below of 31% below. Probability of bounce up is higher. Also EUR economy is recovering vs Chief. Long biased but love your analysis. follow you on X as well.
TraderDaddyOG
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@ahmaddoolwayab I appreciate your analysis! I am long-term long biased as well however I do believe in a L pull from below. Thanks for the follows and glad you’re enjoying the posts!
AMIT-RAJAN
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You are very hard working your chart says that mate !