I am already in a short position from 0.7604 but I can see stops being taken into a H4 breaker (Red box). Price has already tested the equilibrium of the Daily Range (50% Fib) and this short lines up with Aussies seasonal drop around August time.
Red line represents all the stops which are yet to be taken.
Blue line represents broken market structure.
Potential long on the beast. Market maker buy model into a a monthly mitigation block. If we get a convincing break down below the current range I can see a bounce at 125.400- the 50% level of the monthly block and at the open of a second inside block.
Last two trades haven't gone to plan but with good R:R we have lost minimal and move on.
Pound gained some strength in a risk on scenario for the dollar.
I am already in a long but will wait for a potential retracement down into the red zone which I believe to be an institutional buy area . This is most likely to happen early London session.
Potential H&S set up- one of the most reliable chart patterns.
Previous candle looks like a stop hunt and currently looks like institutional accumulation.
Will wait for close to London Open tomorrow for entry as we could see a fake swing up on 15min chart for a better entry.
Little more risk involved in this short at this entry in terms of getting stopped.
Broken below TL support w/ retest.
Entry: I always enter between 6-9am GMT based on setups I see late evening/ very early morning GMT on the condition they still look valid and PA still supports the trade. This is due to the big boys tend to push price in the opposite...