Since the market opened on Sunday EU has been on an uptrend. It also broke past the previous 2 week's resistance/supply zone and retested it using it as a demand zone on Tuesday morning during the New York AM session. Then proceeds to create a strong bullish candle during the NY PM session that same day. This then starts the process for the equilibrium block. The way I identify EBs is by making sure there is a 3 candle model. The first candle must be a strong bullish or bearish candle while the second candle is the opposite/a retest and then the third candle must be an engulfing candle. So for this example it is a bullish set up so the 3 candle model was bullish bearish then bullish engulfing. If it was a bearish set up it would be bearish bullish then bearish engulfing. I placed my stop loss under the smallest wick on the engulfing candle and gave it room to breath by putting it at an institutional level. It took over a day but this trade ended up hitting all profit targets!
Trade Details:
Entry Point:1.06257
Stop Loss: 1.05995
Profit Target 1:1.07282
Profit Target 2:1.07965
Profit Target 3: 1.08242
Trade Details:
Entry Point:1.06257
Stop Loss: 1.05995
Profit Target 1:1.07282
Profit Target 2:1.07965
Profit Target 3: 1.08242
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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.