Here's something I'm currently working on with the British Pound/US Dollar.
Why do I believe that Price Action will head further down?
1. P.A. broke a huge O.B. last week ($1.2980-1.3035). Precursor. 2. A new O.B. had formed ($1.3062-$1.3082) at the peak after breaking through the previous O.B. 3. The green candles underneath current price signifies potential *profit margin*. 4. Even though the previous O.B. was broken, it can still push price down to some degree.
What if it does the opposite?
I'll readjust, and wait for a B.A.R. of the $1.3062-$1.3082 levels to take it to the upside. We shall see...
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