Disclaimer - I did not enter this position but I'm sharing my thoughts on how I would have and what my outlook is for next week. Let me know what you think!
EURUSD had been pretty bullish on the 1h with some progressive upward moves. Price seemed to be stalling and breaking down at the beginning of this week signalling some exhaustion and a possible distribution. The biggest clue that a possible sell could be on the cards was after the first 1h break of structure. Following the second 1h break of structure, it became apparent that price could be pulling back at least on the 1h. On alert for any sell signals.
https://s3.tradingview.com/snapshots/w/WJf9liiI.png
ENTRY - Price pulled into 1h supply zone on Thursday morning early London session. After a brief stall there was a breakdown in price on the lower time frames followed by a minor break of structure (see the snapshot above). Nice short entry not long after London open, catching the pullback to the range. Stop protection above highs, target 1 would have been over +7% and target 2, a huge +18%!
I'll be on the look out for any 1h bullish pullbacks to sell short at least for the short term.
Black out
EURUSD had been pretty bullish on the 1h with some progressive upward moves. Price seemed to be stalling and breaking down at the beginning of this week signalling some exhaustion and a possible distribution. The biggest clue that a possible sell could be on the cards was after the first 1h break of structure. Following the second 1h break of structure, it became apparent that price could be pulling back at least on the 1h. On alert for any sell signals.
https://s3.tradingview.com/snapshots/w/WJf9liiI.png
ENTRY - Price pulled into 1h supply zone on Thursday morning early London session. After a brief stall there was a breakdown in price on the lower time frames followed by a minor break of structure (see the snapshot above). Nice short entry not long after London open, catching the pullback to the range. Stop protection above highs, target 1 would have been over +7% and target 2, a huge +18%!
I'll be on the look out for any 1h bullish pullbacks to sell short at least for the short term.
Black out
Comment:
Second target would have been reached on this occasion