After yesterday's disastrous CPI news, EURUSD tanked from the strengthening of the USD and we can see a PDL OB formed on the EURUSD.
Although it is a strong bearish trend on the intraday timeframe, I know that price doesnt go in one straight line direction and counter-trend moves are needed to build liquidity for the inevitable bearish move down.
Recognising that this is a counter-trend trade, I manage my risks and set the buy limits on 50% fulfillment of the PDL OB.
What ensues is a no frills and nothing fancy outcome of 4.14R
There is still a current M15 supply above so perhaps could have taken partials or held the trade longer but I want to start off the week on a positive note since this is a counter-trend trade as well.
Abbreviations :
PDL - Previous Day Low
OB - Order Block
Although it is a strong bearish trend on the intraday timeframe, I know that price doesnt go in one straight line direction and counter-trend moves are needed to build liquidity for the inevitable bearish move down.
Recognising that this is a counter-trend trade, I manage my risks and set the buy limits on 50% fulfillment of the PDL OB.
What ensues is a no frills and nothing fancy outcome of 4.14R
There is still a current M15 supply above so perhaps could have taken partials or held the trade longer but I want to start off the week on a positive note since this is a counter-trend trade as well.
Abbreviations :
PDL - Previous Day Low
OB - Order Block