Last week we saw a Breakout in the 4 hr downtrend, and following that we see New Zealand touch a resistance point and rejected very well off it. This could trick a lot of traders into thinking its a short from the start of the week.
-So I think we will start off with a 20-40 pip upside move following a 70-90 pip downside.
1st Reason, Big Order Block Rejection Candle followed by Bearish Engulfing
2nd Reason, gives discounted prices for the "Whales" to Short while also allowing more time for orders to be placed.
3rd Reason, If It breaks the second Bank Level it could act as a Higher High attempting to Fake an Uptrend
Conclusion, The main Overall move here is the massive short into the huge Gap created last week AKA the .5- .618 zone.
-So I think we will start off with a 20-40 pip upside move following a 70-90 pip downside.
1st Reason, Big Order Block Rejection Candle followed by Bearish Engulfing
2nd Reason, gives discounted prices for the "Whales" to Short while also allowing more time for orders to be placed.
3rd Reason, If It breaks the second Bank Level it could act as a Higher High attempting to Fake an Uptrend
Conclusion, The main Overall move here is the massive short into the huge Gap created last week AKA the .5- .618 zone.