GBPUSD: SHORT OPPURTUNITY IS POTENIALLY IN PLAY
So this seems to be playing out. HTF on the daily & H2 has played perfectly into a LQS.
Today is Friday and I believe a lot of people will want to take their money out of the market, so as mentioned in my previous chart up we could see some nice PA.
My mechanical structure has played out perfectly in premium and I'm looking for a short from M15 supply. I've extended my supply zone to give it room to breathe.
My target is just below the previous M15 LQS to the left as we begin to push into discount prices on the M15.
My R:R is 5:1 for day trades.
What could go wrong here?
1. The liquidity run could not be finished and my structure is a fake.
2. There could still be a brief liquidity spike on LTF that would take out my supply zone even at the highs
3. My supply zone could not be triggered due to bearish momentum.
All you can do is plan the trade and trade the plan.
What's important is that:
-I'm not chasing trades.
-I'm not buying in the premium.
-I've waited for my structure to inform me of my decision.
If it works or fails at this point is irrelevant. I have done everything by my book
Today is Friday and I believe a lot of people will want to take their money out of the market, so as mentioned in my previous chart up we could see some nice PA.
My mechanical structure has played out perfectly in premium and I'm looking for a short from M15 supply. I've extended my supply zone to give it room to breathe.
My target is just below the previous M15 LQS to the left as we begin to push into discount prices on the M15.
My R:R is 5:1 for day trades.
What could go wrong here?
1. The liquidity run could not be finished and my structure is a fake.
2. There could still be a brief liquidity spike on LTF that would take out my supply zone even at the highs
3. My supply zone could not be triggered due to bearish momentum.
All you can do is plan the trade and trade the plan.
What's important is that:
-I'm not chasing trades.
-I'm not buying in the premium.
-I've waited for my structure to inform me of my decision.
If it works or fails at this point is irrelevant. I have done everything by my book
Also you'll notice that the M15 demand that led to a BOS on the left was the cause for this shift in structure. I missed this I dint layout the fresh demand zones to the left. Now this zone has been mitigated it will have a much easier time moving through it...if the market shift is short and not just a pullback to higher prices.