Current Market Status on 4hr : Bullish (Strongish)
Reason: Market Structure change on 4hr. Big Bullish move
"It's a big week with news. I'm relatively new to the fundamentals but these could play a major role in big moves in either direction"
While not exactly Nostradamus that's exactly what happened with NFP. Disappointing outcome caused price to break Swing High and eventually settle at 1.0965 in possible 15 Min supply
So what could happen then?
1) Price takes out old Swing high and Supply and attacks next swing at 1.10. I do think this will happen but not straight away because i think price is a bit overextended and needs to retrace.
2) The imbalance/FVG will definitely act as a short term magnet. Price might even reach my areas of interest. These are so because 1 is a swing low and 2 is where NFP started from and is gapped. I'm curious to see what happens around there.
3) It breaks back down and takes out 1.08335 and continues to break down as per my thoughts a couple weeks back. Unlikely due to dollar weakness but still possible.
If it breaks swing low then MS is at least ranging until new low is made
Also i'm never as confident in Order blocks when it is reactionary from News events. I'd need confirmation before entering here at AOI
Big news on Wed and Thurs could also influence charts. Interestingly the last few months has not been more than forecast and often less. If this happens again expect bullish PA
Reason: Market Structure change on 4hr. Big Bullish move
"It's a big week with news. I'm relatively new to the fundamentals but these could play a major role in big moves in either direction"
While not exactly Nostradamus that's exactly what happened with NFP. Disappointing outcome caused price to break Swing High and eventually settle at 1.0965 in possible 15 Min supply
So what could happen then?
1) Price takes out old Swing high and Supply and attacks next swing at 1.10. I do think this will happen but not straight away because i think price is a bit overextended and needs to retrace.
2) The imbalance/FVG will definitely act as a short term magnet. Price might even reach my areas of interest. These are so because 1 is a swing low and 2 is where NFP started from and is gapped. I'm curious to see what happens around there.
3) It breaks back down and takes out 1.08335 and continues to break down as per my thoughts a couple weeks back. Unlikely due to dollar weakness but still possible.
If it breaks swing low then MS is at least ranging until new low is made
Also i'm never as confident in Order blocks when it is reactionary from News events. I'd need confirmation before entering here at AOI
Big news on Wed and Thurs could also influence charts. Interestingly the last few months has not been more than forecast and often less. If this happens again expect bullish PA