MARKET PHASE OANDA:EURGBP is in a long term uptrend (daily) with a short term corrective structure that has been taking place (4 hour).
AREA OF VALUE Price continued to break lows within the corrective structure until it began to hold the bottom. There was a buildup of liquidity (sell stops, shorts, long order stop losses) below the corrective structure swing lows. Price violently moved down to trigger the sell stops (liquidity) to pair against the buy orders needed to take price up. Price has now started it’s initial move up but due to the velocity of the upward move, it's gapped orders around 0.85773. Price has retraced back to this level to meet the demand multiple times and is met with extreme buying pressure. We can now expect a strong push upwards in the direction of the larger trend.
TRADE I've entered my long position on OANDA:EURGBP as follows:
Buy Limit: 0.85773 Stop Loss: 0.85733 Take Profit: 0.85853