My plan for EU this week is similar to GU, but with a focus on the nearby supply zone. I will look for a temporary sell-to-buy setup, especially interested in the 3-hour supply zone. However, I will proceed with caution and wait for a distribution to occur within the POI before considering any sells.
There is trendline liquidity above the supply, so I expect the zone might get breached to sweep the Asian high. Once price reaches the 11-hour supply zone, it will present a more favorable sell opportunity. If the price drops early, I will wait for it to reach the 10-hour demand.
Confluences for EU Sells are as follows:
- Price has changed character to the downside.
- Price has left a clean 3hr supply that is sitting ontop of some liquidity.
- Price left an imbalance below that needs to get filled.
- Price has been very bullish and can do with a retracement back down.
P.S. If the price reacts to the 3-hour supply, I will look to sell down to fill in some of the imbalance just above the 10-hour demand. At that area, I will shift my bias to buying, following a day trader approach.
Have a great trading week ahead guys!
There is trendline liquidity above the supply, so I expect the zone might get breached to sweep the Asian high. Once price reaches the 11-hour supply zone, it will present a more favorable sell opportunity. If the price drops early, I will wait for it to reach the 10-hour demand.
Confluences for EU Sells are as follows:
- Price has changed character to the downside.
- Price has left a clean 3hr supply that is sitting ontop of some liquidity.
- Price left an imbalance below that needs to get filled.
- Price has been very bullish and can do with a retracement back down.
P.S. If the price reacts to the 3-hour supply, I will look to sell down to fill in some of the imbalance just above the 10-hour demand. At that area, I will shift my bias to buying, following a day trader approach.
Have a great trading week ahead guys!