Note this is a long term projection based on daily price action. As expected liquidity was taken from the equal highs of February, March and April, the next step is for Smart money to push price higher to mitigate the weekly candle which is overlapped by the institutional candle of 13/1/2020, also meeting an institutional price level of 122.00.
After mitigating this area, price is expected to retrace down to mitigate the imbalance of price action created during the most recent bullish rally and the remaining liquidity which is still left to take, look out for a high probability retrace.
Now after knowing our short term and long term bias we can start taking trades along the way.
Want to know more about how I trade? get in touch, happy to help.
Comment
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I did not notice the time span of my projection. I spect Price to reach the end of the blue projected line by mid June if not earlier.
What do you think as the price is testing 1.20 area. Do you think we still keeping the long trend?
MuddassarH
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@umairkhlil, It is still looking bullish at the moment , although it made slight lower low on the 30m/1H time frame, it still made a higher high, plenty of wicks and signs of rejection in this area.
its already reacted off the open of the candle I highlighted which is what I was expecting for it to do
The long term bullish trend may continue however as my projection shows we should see a retracement to fill the imbalance of price action seen during this latest push up over the last week or so.