On the monthly we are currently witnessing the formation of a descending trangle in preparation for a breakout to the upside if we cross 1.13093 or to the downside if we cross 1.04898. This level has been mitigated back in July 2022 taking all buy side liquidity in the process beofre returning to create the new support level to begin a new wyckoff accumilation pattern.
On the weekly we can see that price has been ranging btween 1.10082 (highs) and 1.07237 (lows)
When we head down to the 4 hour we can see that price has mitigated the previous 4hr bearish order block to then form a break out to the downside, it then returned to the break out levels further claiming all the sell side liquidity in the zone and is preparing for a move downward to fill the imbalance @ 1.07953 and tap into either the bullish order block at 1.07876 or 1.07459
This upward movement is also supported by the bearish candle crossing the 20ema to test 100ema with a pisitive reaction to the upside on the 4hr indicating strong buying interest.
In this scenario, we would look for an entry at 1.07856 with a stop loss at 1.07117 and take profits at 1.10107 securing a nice 1:3 Risk to Reward.
Let me know what you guys think.
Hope you have a great week ahead.
Happy Trading.
On the weekly we can see that price has been ranging btween 1.10082 (highs) and 1.07237 (lows)
When we head down to the 4 hour we can see that price has mitigated the previous 4hr bearish order block to then form a break out to the downside, it then returned to the break out levels further claiming all the sell side liquidity in the zone and is preparing for a move downward to fill the imbalance @ 1.07953 and tap into either the bullish order block at 1.07876 or 1.07459
This upward movement is also supported by the bearish candle crossing the 20ema to test 100ema with a pisitive reaction to the upside on the 4hr indicating strong buying interest.
In this scenario, we would look for an entry at 1.07856 with a stop loss at 1.07117 and take profits at 1.10107 securing a nice 1:3 Risk to Reward.
Let me know what you guys think.
Hope you have a great week ahead.
Happy Trading.
Note
Target area of 1.07891 reached. Let's see how the rest of this trade plays out.
:)
I hope you’ve had a great day and that your screens were green. 🌟
Happy Trading, and see you next time! 💹✨
Happy Trading, and see you next time! 💹✨
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
I hope you’ve had a great day and that your screens were green. 🌟
Happy Trading, and see you next time! 💹✨
Happy Trading, and see you next time! 💹✨
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.