currently still in my position, havent pulled any profits or adjusted my stop loss, as you can see overnight that paid off during Tokyo/sydney session where we had gained initially 120 points, price has retraced a little bit in todays london session, but with news shortly arriving and looking bearish with inflation rates im expecting price to not break this zone (grey rectangle/ imbalance zone) before returning to the downside and making new lows.
usually just before news or on the day of news events we dont see much price action movement, no big moves until the time of event. Price usually consolidates and corrects itself, in this case, correcting itself would be following the stronger timeframes; weekly bearish, daily bearish, 4hr, 1hr, bearish.
However, if i notice at any point today that we do break this zone OR respect the zone, make new lows then reverse to this point (closes above this zone with no rejections just straight momentum) i will be getting out of the position and securing my odd 80 points
usually just before news or on the day of news events we dont see much price action movement, no big moves until the time of event. Price usually consolidates and corrects itself, in this case, correcting itself would be following the stronger timeframes; weekly bearish, daily bearish, 4hr, 1hr, bearish.
However, if i notice at any point today that we do break this zone OR respect the zone, make new lows then reverse to this point (closes above this zone with no rejections just straight momentum) i will be getting out of the position and securing my odd 80 points
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.