EURUSD has been ranging - broke above (making a pattern) the channel - and went back into the range.
Now the upper pole of the channel has been reached again. We see confluence with the supply , upper S&R of the channel (neckline ) and a on a shorter timeframe. Expecting a drop towards the bottom of the channel or even further towards a lower to take profit. Stop loss placed above the .
Price rallied due to news. Supply consumed most market buy orders forcing price back down and stop loss is still protected by the sellers in the zone. Price is still rallying but lost momentum. Decided to keep the trade open and wait for institutions to finish their move
- Richard D. Wyckoff