This is just an idea right now.
LEVEL TO WATCH
1.0900-1.00915
The reason i am watching that level is because there was a position built by the institutions there. What they did at that level was push price up (orange arrow) then quickly reversed it down.
This means they moved price higher so they could actually SELL from a better price.
The reason this level is important is because it has not been tested..this means they may need to close that buy position out because they are currently losing money on that portion of the trade. If that position gets closed we should see a sell reaction.
Although price came close to it yesterday I still don't believe that was a retest.
We also have a bullish position open from 2017 (green line) that I believe they are trying to reach.
In an idea world we will see a reversal from 1.0905 and a drop to 1.0615 (roughly 300 pips)
Trade safe and F*ck the coronavirus
LEVEL TO WATCH
1.0900-1.00915
The reason i am watching that level is because there was a position built by the institutions there. What they did at that level was push price up (orange arrow) then quickly reversed it down.
This means they moved price higher so they could actually SELL from a better price.
The reason this level is important is because it has not been tested..this means they may need to close that buy position out because they are currently losing money on that portion of the trade. If that position gets closed we should see a sell reaction.
Although price came close to it yesterday I still don't believe that was a retest.
We also have a bullish position open from 2017 (green line) that I believe they are trying to reach.
In an idea world we will see a reversal from 1.0905 and a drop to 1.0615 (roughly 300 pips)
Trade safe and F*ck the coronavirus
Note
15 minute chart- you can see the position more clearly.Note
From most retail/technical traders perspective
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Each week, I send an email breakdown of the best forex setups, watch zones, and market trends so you can trade with confidence.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
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.