A follow on from my last post where I mentioned I would remain vigilant of any short opportunities on $FX:EURUSD. This pair has been trending nicely to the downside over the past week or so.
After a heavy bearish break last Thursday (see my last post), price continued to head lower in search for buying pressure. The first sign of sustained buying was found at the identified 1h demand zone. At the beginning of the week, price began pulling back on the 1h, albeit without huge amounts of aggression. On Wednesday, selling pressure began to reappear as price neared the 1h supply zone; I was observing for any signs that price could be ready to continue lower and lower time frames show this in further detail (see snapshot).
s3.tradingview.com/s...shots/k/KMKm15IK.png
On the ltfs, there was a deceleration of price within the 1h supply zone followed by multiple bearish breaks of structure. This was in sync with the 1h bearish trend, so all that was left was to spot my entry. After execution, price eventually pushed down far enough for me to remove risk, but then shot aggressively higher with the catalyst of FOMC news.
On Friday, price did move heavily to the downside after reaching the highs of the 1h range. Unfortunately, there wasn't an entry in line with my plan on this occasion. Next trade.
Black Out
After a heavy bearish break last Thursday (see my last post), price continued to head lower in search for buying pressure. The first sign of sustained buying was found at the identified 1h demand zone. At the beginning of the week, price began pulling back on the 1h, albeit without huge amounts of aggression. On Wednesday, selling pressure began to reappear as price neared the 1h supply zone; I was observing for any signs that price could be ready to continue lower and lower time frames show this in further detail (see snapshot).
s3.tradingview.com/s...shots/k/KMKm15IK.png
On the ltfs, there was a deceleration of price within the 1h supply zone followed by multiple bearish breaks of structure. This was in sync with the 1h bearish trend, so all that was left was to spot my entry. After execution, price eventually pushed down far enough for me to remove risk, but then shot aggressively higher with the catalyst of FOMC news.
On Friday, price did move heavily to the downside after reaching the highs of the 1h range. Unfortunately, there wasn't an entry in line with my plan on this occasion. Next trade.
Black Out