How about that trendline - GBP is getting alot stronger with multiple lower highs and lower lows.
Currently the trendline is around 0.839 which has been rejected - Waiting for a long short here.
Bear in mind fundamentals can cause the trendline to be fakedout to the upside or further rejected.
Weekly - bearish
Daily - bearish
4 Hourly - bearish
We have been...
Currently in some profit - risk free - if the demand needs retesting, we will let it and re-assess a new position from there.
The previous demand turned to a swap zone after multiple touches and a great pullback before shooting through the demand to become the new supply.
1 hour rejection candle, followed by a huge engulfing
confirmation on the rejection as our demand zone was not broken. Instant rejection as multiple orders were present
Next are is 1 hour supply or swap zone
What happens when the price reacts during the open?
Today during the Asian session open - Nasdaq had a gap down, this is due to
"Apple Inc. doesn’t expect to meet its revenue guidance for the March quarter because of work slowdowns and lower smartphone demand, showing that the virus outbreak in China is taking a bigger-than-predicted toll on one of the world’s...
Minor supply has been touched
Awaiting a confirmation of a further price rise to the 4 hour supply retest before shorting or a valid break of this minor 1 hour zone
Tomorrow will provide further liquidity for a longer setup.
Nasdaq to 10k?
The setup seems unfazed by market sentiment around Asia.
However a pullback may be necessary for a bullish continuation. plan the trade accordingly, there maybe a short term rush to the demand zone - today is slow with a US holiday. Trade is still holding
Active trade now - expecting a nice fall back to the demand zone.
Note: our stop maybe adjusted, this is uploaded for purpose of taking the trade.
Test of supply, order block sending back to the overall long.
Bulls broke the range.
Expecting a pullback to see if the one hour demand zone still has good orders, if not 4 hours.
Awaiting confirmation of a slowing trend or if orders keep pushing momentum up.
Alerts set for either scenario. Will trade await London session for updates.
scenario one - supply on the 4 hour to be touched and as retail traders will expect a buy and breakout
scenario two - fresh supply - the price will see a fake out in the zone and sell off.
Alerts are set - prepared for either scenario.
Market opened with fundamental corona virus risk on to the downside.
took a 1 contract sell with 1:6.2 Risk reward
Position faked out sellers, however it reached a liquidity zone on the 1 hour and pushed back up.
Position closed with target met.
Awaiting next move
Supply tapped multiple times so it could break to a new record high, however it seems the supply is also well respected so a short could be possible. After NFP the price broke to 9400, expecting a retest to prove a fakeout in the demand zone. If broken or tested again, we will look to short.
Be prepared for both scenarios.
Bulls will try to get to 29400-500 zone again, however from here, expecting a short and a large correctional sell off.
Supply and demand trader - not interested in any indicators.
If the supply is broken and 30K target is in reach, then will trade long.
Prepared for both ways as the trend is bullish on the weekly & daily.