Hello fam,
Based on my multi-timeframe analysis, this pair still has some bullish fire in it. It is yet to tap into the nearest weekly supply order block hence the move upwards is still valid. Although the weekly timeframe is retracing and the daily seems to have printed bearish market structure, be aware that there is liquidity just below the daily order block which makes so much sense for price to sweep that liquidity. I am a bit skeptical about this trade because there is a another valid reason for price to get to 1.25... If price does not respect this order block, then the next target will be 1.25 to go long.
I am not looking for a bearish move on this pair as there other pairs to look at.
NB: never try to trade every move... look for the move that aligns with your analysis and strategy.
Cheers!!!
David
Based on my multi-timeframe analysis, this pair still has some bullish fire in it. It is yet to tap into the nearest weekly supply order block hence the move upwards is still valid. Although the weekly timeframe is retracing and the daily seems to have printed bearish market structure, be aware that there is liquidity just below the daily order block which makes so much sense for price to sweep that liquidity. I am a bit skeptical about this trade because there is a another valid reason for price to get to 1.25... If price does not respect this order block, then the next target will be 1.25 to go long.
I am not looking for a bearish move on this pair as there other pairs to look at.
NB: never try to trade every move... look for the move that aligns with your analysis and strategy.
Cheers!!!
David
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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.