Weekly = Bearish
Daily = Bearish
Optimal Trade Entry lined up with a FVG.
Price previously traded up into that area, (respecting the OTE), causing a fall.
This also shows trend continuation as price is creating Lower Lowers + Lower Highs
Price traded up and closed above the OTE zone filling the FVG but retraced back to below the OTE zone while not breaking structure.
Price seems to be respecting the OTE area as well as the trend which is a good indication to look for SHORT positions.
A flag pattern was also formed and broken, heading toward the downside.
Take Profit @ 1.04950 & 1.04820
Daily = Bearish
Optimal Trade Entry lined up with a FVG.
Price previously traded up into that area, (respecting the OTE), causing a fall.
This also shows trend continuation as price is creating Lower Lowers + Lower Highs
Price traded up and closed above the OTE zone filling the FVG but retraced back to below the OTE zone while not breaking structure.
Price seems to be respecting the OTE area as well as the trend which is a good indication to look for SHORT positions.
A flag pattern was also formed and broken, heading toward the downside.
Take Profit @ 1.04950 & 1.04820
Comment:
I don't usually use chart patterns but this lined up nicely.
Comment:
Update:
Buy side liquidity needs to be taken out in order for liquidity to be generated for a downward push.
Buy side liquidity needs to be taken out in order for liquidity to be generated for a downward push.