As price has reached premium prices, retracing 50+%, I am on the lookout for a reversal pattern. When price sweeps LQ from the buyside or sellside, usually it goes in the opposite direction. As I am bearish overall, I am looking for the HTF resumption of the overall trend, which is bearish.
Agree or disagree? Leave a comment or question, and I will be happy to respond.
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The market gave a 28 pip reaction to the lower FVG, then surged up to fill it ... and head to the higher one. There is a OB right above it. I am looking for it to hold. IF so, then I get my sell setup. If not, that high will be swept fo LQ. It continues to form the Bear Flag on the HTFs. With FOMC and NFP coming Wed and Fri, market makers could potentially take this old high before dumping. Fundamentals seem to lean toward USD strength. The HTF structure is bearish. So I am looking for sell setups. We'll watch the price action and see what the market gives us. Caution on buying this market. Stick to lower TFs if you do. This is a heavy news week that can potentially reverse a market.
Trade closed: target reached
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EURUSD 4H: This was slightly more aggressive (risk entry) than I normally take, but one I would take again. The mitigation of the OB, the reaction from it, the sweep of LQ, the filling of the D1 FVGs, and the overall trend... were in place. Stopped worrying about sniper entries a good while ago.
If you were able to get in on this one, leave a comment for me!
I believe we are in an uptrend. My Analysis was done on the 4Hr and 15min chart. Price broke above 1.0600 which is a psychological level where price reversed from in the past. (Sen. 1) If price breaks below that level it should travel back down to the FVG AT 1.05675 sweep that liquidity and go back up. (Sen.2) price is on a pullback on the from the last high and the next stop looks like 1.06400. We also broke through the 200EMA and we are above the 50EMA. This is just my opinion. I missed that move at 4:30am.
RT_Money
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@D_Sedici, Cool. I look at the HTFs... like the M, W, and D1. They are the framework by which the lower TFs move. The 4H is in a uptrend... yes. But why? Look at the Daily structure, and the answer is clear. Price just made a LL.... and now it is retracement to make a LH. This shows up as an "uptrend" on the 4H. We'll see how it goes. Thanks for your comment.
D_Sedici
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Yes sir. I think you might be right….
Setupsfx_
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Amazing work
RT_Money
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@Setupsfx_, Thank you. I hope you were able to benefit from the analysis.
RT_Money
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Price climbed pretty high into premium prices, but stayed within the range of the bearish leg. I took the early profits (3R), but hats off to those that want to continue to hold for more! Cheers!.