Steven_Maas

EURUSD downmove with Take Profit levels

FX_IDC:EURUSD   Euro / U.S. Dollar
EURUSD             has just nearly touched this mornings 78.6 retracement level. Looking at the s//r levels from the past I was able to find some in february that match the 1.272, 1.414 and 1.618 levels of the present, which I've rounded off to be more precise. We're likely to see the high of the week forming tomorrow (tuesdays) to kill all scalpers and shorts that have tight stops, before falling towards the TP's.
Comment: I've taken some time off looking at my previous 'mistakes' as a trader. I found out my routine skipped the 4 hour chart entirely, and going into the 1 hour. Have a look at this chart below and know why I made this mistake, so you don't have to.

snapshot


This 4 hour chart clearly shows two orderblocks in purple, that provide the marketmaker's liquidity. If I would've stuck to the plan formulated by ICT I could've seen the move happening. So being under the assumptions that the 1 hour provides enough helicopter view is wrong when you didn't look at a higher timeframe first.

Paradoxically, the highest timeframe possible, is the entire existence of mankind consolidated, and it'll just be a simple doji.
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