Trying my hand at smart money concepts. I still have a lot to learn to bear with me.
This isn't really an analysis nor a tutorial. In the process of studying, I was playing around with my setups and how they react to my fibonacci settings and GOOD LORD!!!! They line up almost perfectly with my points of interest (order blocks, imbalances). With this setup, I just want to see how price responds.
Here I'm looking a a potential sell on NZDUSD over the next week or so. We have a shift in market structure which indicates a possible reversal and I'm waiting on a break of market structure for confirmation. Once price breaks below my zone and retest, that'll give me the BOS and I'll wait for price action on the retest to take the sell.
Here is my GU analysis. I think that since the imbalance has been filled, price will break the channel and return to a previous continuation block.
Looking at Gold on the monthly chart, I found an imbalance that has not been filled yet. When I dropped down to the weekly, a bearish order block was also found. I think that gold will go up and retest the OB before returning to fill the imbalance then going back up to fill more orders at the OB.
Here is my analysis of the German 30. I think that price will go up to the imbalance which is also a key level and then head down to 1 of 2 order blocks.
Here is my potential trade idea for EG. My thoughts are that price will go up to about 50% of the upper imbalance and then down to the lower imbalance. Take this trade at your own risk.
So I have been studying smart money concepts lately and here is my first try at it. The market makers have already taken out the stop losses so I am expecting them to drive price down now. I will not be taking this trade in my live account because I am still in the learning process but I will take it in my demo.
Here is my GU Trade Idea. I think that it will sell to somewhere within the Golden Zone or perhaps even further down.
Here is my analysis of EU for the upcoming trading week.
EJ has started on the second leg of an M formation on the 1 hr chart. I think that it may continue to drop to the golden zone between the 0.50 and the 0.618 fib levels or perhaps even lower. I will be waiting on the 15 minute chart to enter once I see an opening.
EURUSD is currently at a very strong resistance zone and forming a potential M formation. I think over the next week or so it will make its way down to my TP3 or maybe even further as there is an even larger M formation on the daily chart. This would be one to definitely watch closer and even move your stop loss into profit as the trade progresses. As always,...
Here is my analysis if GA for next week. I will be waiting for the trend line break to take the buy to my take profit zone between the 0.50 and the 0.618 fibonacci levels. If price should break through the support zone, I will wait for the retest and take the sell to the next level of market structure.
Here is my analysis of GBPAUD. Wait for the break and close above the trend line for the buy for about 50 pips. Please trade at your own risk.
Wait for the break and retest of the zone and take the sell. If price breaks through support, wait for the retest and take the buy. Take the sell to the 50% fibonacci level. As always, trade at your own risk.
Here is my sell trade idea for GBPUSD. I will be waiting for price to drop down to the base of the green candle that formed the top of the left shoulder. Once that happens, I am waiting for price to come back anywhere in the zone between the close and the top of the wick that formed the left shoulder. Once the right shoulder is formed and price action gives me...
Here is my analysis of USDCHF on the 1 hour.
Here is my USDCAD analysis on the 4 hour chart. I am expecting price to come down and form the right shoulder then continue down for about 300 pips.