Currently, EURUSD has been in a prolonged range, gathering significant liquidity. Given the current state of equilibrium, I am not actively seeking trades at this moment. However, I anticipate a potential move to unfold, continuing the bullish trend. For now, I will be patiently waiting for a breakout before considering any trading opportunities.
There is another plausible scenario where price breaks above to mitigate the 10-hour supply zone, leading to a bearish reaction. This possibility is valid, considering the imbalances just below that need filling and liquidity that requires sweeping.
My confluences for EURUSD buys are as follows:
- A 10-hour demand zone below triggered a new CHOCH to the upside.
- The overall short-term trend is bullish, aligning with this idea.
- Imbalance above the demand signals a favourable reaction at my POI.
- Abundant liquidity above, including trend lines and untouched Asian highs.
- Price needs to dip to a significant demand level for an upward rally to persist.
- I also expect the dollar to keep dropping indicating that EU will keep going up.
P.S. As price is still considerably distant from any nearby Points of Interest (POI), I am content to wait patiently and refrain from taking any immediate action until price triggers one of the levels I am monitoring.
I don’t agree with the analysis but I like the reasons given
Hassan_fx
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Appreciate it everyone never going to agree with one piece of analysis at the end of the day we all perceive the markets in a unique way
TheFxAce
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Nice long trade idea. It's clear you've put a lot of thought into this. Looking forward to updates.
joao_caumo1990
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no sense you are just wating for a break out like everybody else , the main question is how to profit from chop marked because nobody knows
Hassan_fx
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@joao_caumo1990, you dont always have to trade sometimes sitting out and waiting for the right moves to take place is better, if price is in an area which looks choppy then I would suggest staying away until price action becomes more clear, this is what I stated in the idea. At the end of the day, this is just my personal opinion on how I view the current market as an intra-day trader.