I just took a short trade on EURGBP which I hope will close during the London and/or New York sessions.
Why did I take the trade?
TP is set right before both the nearest major demand zone and the diagonal bottom support zone.
SL is set a little above the now-established swing high.
As always, let me know what you think of this trade idea! I'd love to hear your feedback.
Why did I take the trade?
- Price is moving within a parallel channel on the 1h chart and is most likely on its way down after having touched the top resistance zone
- A major bullish manipulation was followed by a smaller bullish manipulation (a.k.a. impulse moves). Based on these moves, I marked up a possible supply zone on the 4h (!) chart for the price to retrace back to, before continuing down
- Price action showed signs of weakness in the marked-up supply zone, breaking multiple consolidation structures. This signals a clear entry for me
TP is set right before both the nearest major demand zone and the diagonal bottom support zone.
SL is set a little above the now-established swing high.
As always, let me know what you think of this trade idea! I'd love to hear your feedback.
Zlecenie aktywne:
That was a very close stop hunt, just now... but we managed to stay in. Now price will hopefully continue down!
Transakcja zamknięta: osiągnięto wyznaczony cel:
Very smooth ride after the stop hunt. Awesome!