EUR/USD Longs from 1.08200 or 1.07800 back up
My idea for EU at the moment is for it to push higher in order to take out the trendline liquidity that sits above. I expect price to do a similar move to GU in which I expect a bit more upside left to validate this newly marked out 4 hourly demand. Then I anticipate a pullback within this demand to take out liquidity above and tap into the 12hr supply zone that I have marked out above.
From there I will be expecting bullish pressure to die down and form a wyckoff distribution. Once I see my edge appear on the lower time frame I will execute sells back down to continue the overall trend.
Confluences for Buys are as follows:
- Price has left lots of liquidity to the upside that needs to be taken I.e. like trend lines.
- Supply zone above that needs to be mitigated so still more upside left.
- A 4-hour demand zone has emerged, from which we could witness a bullish response.
- price has changed character and broke structure to the upside before as well.
P.S. This is only a temporary trend notion until a new supply zone materialises for me to consider selling price back down. However, selling opportunities don't appear optimal due to the significant liquidity around the current price.
Have a great trading week! NFP on Friday I advise to preserve capital and stay away that day.
From there I will be expecting bullish pressure to die down and form a wyckoff distribution. Once I see my edge appear on the lower time frame I will execute sells back down to continue the overall trend.
Confluences for Buys are as follows:
- Price has left lots of liquidity to the upside that needs to be taken I.e. like trend lines.
- Supply zone above that needs to be mitigated so still more upside left.
- A 4-hour demand zone has emerged, from which we could witness a bullish response.
- price has changed character and broke structure to the upside before as well.
P.S. This is only a temporary trend notion until a new supply zone materialises for me to consider selling price back down. However, selling opportunities don't appear optimal due to the significant liquidity around the current price.
Have a great trading week! NFP on Friday I advise to preserve capital and stay away that day.
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