Since we are expecting a bullish dollar, then foreign currencies should fall...hence my bearish stance on the EURUSD. Current price action is also suggesting lower prices on foreign currencies.
This is a study of Market Maker Sell Model by ICT.
Price broke the market structure.
It created a Fair value gap but
it didnt retrace to that gap.
However, it had a Orderblock,
and Price Balance Range which was clearly
I entered at that range and quickly hit my target
Smart Money concept has been a best strategy in financial market , the use of fair value gap has made it easy in catching the oportunity . here is how to determine and trade Fair Value Gap also known as Imbalance
This is just looking back at an interesting set up that occurred in USDCAD earlier in the month. This is what I call the balance tipping to the sell side.
Hope you find it as interesting as a did. Thanks for stopping in.
Was anticipating a run on sell stops at current weekly low based on the weekly close above the last down bar's 50% (So often a retrace occurs).
Price DID come to my alert to take some profit, of which I was asleep. Closed trade before full stop out and went long.
As mentioned in the video, it is important to have a quick look at the weekly chart as it often gives clues on the potential direction for the up and coming week. At least this is how I see it. I discuss the concept of compression and how it offers some nice clues as well.
Credit to influences: ICT and RTM.
In this vid I point out that we could see a breach of the most relevant low at some point, which is quite near the 62% retracement area of the larger timeframe parent structure. It's interesting that the low and the 62% area are about 20 pips apart, which seem to meet the pip grade concept that ICT so eloquently fleshed out.
A general backtest of my strategy on a new pair, this was a risky entry and not one I'd usually take based on my trading plan but it was worth experimenting and deciding whether I'd want to expand my pairs. I will likely not.
