By Wednesday NY Open: Price to have reached 1.5350
A Bullish run to 1.5350 if Price Action reveals confidence. The Sunday open should not show signs of breaking and holding below Friday's Low. We should break the highs of downward accumulation with confidence, not just touches and retraces (that could signify Stop Hunting and Scenario 2 downside).
This is because we have buyers now underwater and previous bearish order blocks now needing to be closed.
We do have a higher order block of 1.5510 - we "could" see price extend to, but after price reaches 1.5350 we should remain on the sidelines for further indication of new order blocks.
Scenario 2.
If Sunday open shows closes and intention of downside below Friday's low we can expect expansion of the downside to be capped at around the 1.50s
Comments
fxwaleed
⋅
25Sept2015 15:00 this candle is a bullish one on a key support (7sept and 1june) so I agree with scenario number 1
entry for me is @ 1.52046 SL @ 1.51342 trailing the stop till I get stopped out of the trade to catch as many pips as possible
OR I can switch to 1Hr time frame for a better entry with lower SL
DJC
⋅
For disclosure this is directly from Michael J Huddleston and should not affect your own analysis and study.
We could see some hunt swings before the leg up, and vice versa. So please don't expect just a straight up. Always trade your plan and stick within your own strategy for protection.
gasingh71
⋅
Also, there's SMT divergence on Daily TF on EURUSD and Dollar index. CAn you have a look at that as well?
entry for me is @ 1.52046 SL @ 1.51342 trailing the stop till I get stopped out of the trade to catch as many pips as possible
OR I can switch to 1Hr time frame for a better entry with lower SL