This pair has been my main focus now for the past 3 weeks. Monday created the High Of The Week which saw the day shifting aggressively towards the bottom meaning SELLS/SHORTS were triggered. Caught the strong SELLS/SHORTS right from the top where they were hunting for stops and pending orders before the strong move down. Knowing that the market has to have a structure where there are breaks and retests, Monday didn't respect that structure meaning one way or the other price has to respect the structure based on the price action prior to Monday. Since Monday was just a straight drop with no pull backs, it was bound to hit the last level of structure prior to the drop which was the high of Thursday 24th Nov. The retest of that previous structure and failure to break it towards the top, was the reason why I decided to take my new set of SELLS/SHORTS right there. My SL goes above the high of the week because once liquidity has been grabbed and the market shifts that aggressively, they won't be going there again to retest because it will release the liquidity already grabbed.
NB: the NFP might spike price up a little bit above my entry to 1.04740, but once that happens ... the melt will begin!!!
NB: the NFP might spike price up a little bit above my entry to 1.04740, but once that happens ... the melt will begin!!!
Comment:
Unfortunately the Stop Loss was hit on this setup due to an aggressive stop hunt. But my belief is that EUR/USD is still going to melt drastically after the stop hunt is done. I'm holding a painful draw down on the pair, because I still believe it's going to fall hard, but will close myself out if it goes up another 25 - 50 pips.