The market has proven itself that it is reversing in today's NY session as it formed a shift of market structure and continuous bullish market structure. If you guys missed the entry inside the 15m key level (green box). There would still a potential entry if we could find one in the lower timeframe or if the market would present opportunity. But keep in mind to...
Today's NY session we can see that price is bearish with its structure, it break the previous structure low. Then we wait for the reaction of the market inside our 15m key level (green box) and see if price would reject it or sweep the previous equal highs ($).
In the HTF (higher timeframe) price is really bullish. So as we currently looking for a trade setup, we then see a short potential which is a counter trend trade. We could ride the short momentum for a pullback on the bigger picture which is bullish trend. Always manage your risk and put your stops above the previous high or high of the day for this one.
Price sweep the PWL (previous week low) and did a change of market structure where it broke the previous high and now retracing. It's a good opportunity to but in the 15m refinement demand level. Make sure to put stops below the LOD (low of the day) and target the next key structure or most recent high.
The current movement of the market structure shows us a break of structure from the recent high to now creating new high. As the market has been moving sideways for the retracement, we still wait for it to drop to our demand zone. That's where we could look for our long potential and wait for our confirmation there. But if it was broken then we wait if price would...
Since yesterday price reacted off from 17400.00 and now retesting it. So we could either see a confirmation to enter for short potential if dollar really push to the upside as we have news for today, Jerome Powell speech. If we see bearish engulfing candle then we could get in for short here and stops would be above the previous high. If not then don't enter yet...
As we can see on the chart price is approaching our psychological level around 17400.00 When NY session opens we will see how would price do more since DXY is pretty much extended to the downside. So if it opens bullish then we would love to look for short position at our specific level of interest. If not then price has been bullish and can sweep the high around 18000.00
