Continuation to the upside for EURUSD?
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Unfortunately, yesterday's shorts didn't play out as expected. The DOL never got hit but after seeing the aggressive move to the upside, realized that the DOL was hit on EU futures. So this could be the catalyst why we are seeing EU shift bullish.
After that aggressive move, price is currently in the middle of the range. Focusing on the impulse leg, would like to see price come into OTE, which is consistent with the OB of the aggressive push to the upside. Keeping in mind that it could come into discount and push up from the FVG too. As well as sweep liquidity below before pushing to the upside.
For more explanation and observation, check out the YT video I just posted.
After that aggressive move, price is currently in the middle of the range. Focusing on the impulse leg, would like to see price come into OTE, which is consistent with the OB of the aggressive push to the upside. Keeping in mind that it could come into discount and push up from the FVG too. As well as sweep liquidity below before pushing to the upside.
For more explanation and observation, check out the YT video I just posted.
Nota
Here is the futures chart. You can see the DOL was hit on futures although it wasn't reached on spot. Could this be the catalyst of the bullish shift? Nota
Even though there was a clear shift, I didn't enter thinking it would come lower. Although it did come into a meaningful PD Array, as well as swept internal liquidity. I am a little worried I may have missed it... Another scenario I am thinking, if it doesn't come down from here, we may see a 2nd break before price comes down, similar to yesterday. This is what I am hoping for.
Its just a waiting game now. May have to wait for London session...
Nota
Was able to take an EU short on that pullback. EU is in my preferred POI now, hoping we get a shift at NY KZ to take it back up. Nota
I am watching cautiously after that aggressively push down. There was a clear MMSM and want to make sure EU doesn't shift back bearish.Nota
Normally, I would look for 5m shifts to enter trades. But for this trade idea, I will only consider longing this setup if we get a 15m shift. Nota
I've mostly given up on this trade idea after seeing the aggressive push up on DXY. Could be manipulation but looks more like continuation. I'll set alerts and check from time to time and come back if any alerts are triggered.
Nota
I just got alerts on DXY and had a quick look at the charts. Definitely not looking for buys anymore. There is a clear MMSM in play and considering entering a sell if I get a decent breaker setup. But will be cautious with shorts too as we took a lot of liquidity. We could see a pullback now... Although I was thinking we would go a little higher before reversing, it appears the DOL was already hit.
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