Cause of the possible bullish run for next week: mitigation of weekly FVG (a little bit below Equilibrium at discount)
Trend: Bullish as price has broke structure up (ChoCh)
Stage: Expansion but expecting a retracement into either the 1hr FVG or extreme FVG that will trigger a possible long opportunity.
What will cause this retracement is the mitigation of that ob in which price is within.
Time frames analysis (for setup identification and entry.)
On daily TF, the weekly FVG (first DOL) is more pronounced. So, I have a confluence there.
On 30min, Price is within a bearish OB that should cause the retracement I'm looking for (screen can't cover it but it is to the left side if you go to the chart).
Some people will short the retracement but I don't feel like yet as price might not retrace if it likes.
Those FVGs are either levels where I'm looking for a buying opportunity. I might decide to divide my risk since I have two possible levels. 0.25% for each if I'm risking 0.5% per day or 0.5% for each if I'm risking 1% per day.
(Another alternative is to go with a confirmatory entry). Anything more than two possible OBs or FVGs, I'm not working with it. I'd consider that multiple levels with a low probability setup.
All for educational purpose.😄
Trend: Bullish as price has broke structure up (ChoCh)
Stage: Expansion but expecting a retracement into either the 1hr FVG or extreme FVG that will trigger a possible long opportunity.
What will cause this retracement is the mitigation of that ob in which price is within.
Time frames analysis (for setup identification and entry.)
On daily TF, the weekly FVG (first DOL) is more pronounced. So, I have a confluence there.
On 30min, Price is within a bearish OB that should cause the retracement I'm looking for (screen can't cover it but it is to the left side if you go to the chart).
Some people will short the retracement but I don't feel like yet as price might not retrace if it likes.
Those FVGs are either levels where I'm looking for a buying opportunity. I might decide to divide my risk since I have two possible levels. 0.25% for each if I'm risking 0.5% per day or 0.5% for each if I'm risking 1% per day.
(Another alternative is to go with a confirmatory entry). Anything more than two possible OBs or FVGs, I'm not working with it. I'd consider that multiple levels with a low probability setup.
All for educational purpose.😄