Description:
Macro analysis; Price closed below the liquidity band and the daily key level. Possible down momentum to 1.19600 level where the next liquidity band resides. Bearish engulfing candle taking out 12 hours of trading previously and on the shorter note bearish engulfing candle, taking out 4 wicks of trading. Also closed below the 4H key level.
HTF bias is down to 1.1950 psychology level after price picked up money at 1.22200 level.
Micro analysis; price moved down, breaking the New York/Asian low and creating a new intraday lower low below the daily key level, pointing out possible downward momentum. A retest of the previous Asian low taken as an entry point due to the confluence with the macro analysis.
Main negatives:
- Volume of the last engulfing candle is not spectacular, could be a fake move depending on the next 4h candle
- Trading within a liquidity zone, previously taking the price in the opposite direction
- Trading through the 4H. Will act as tp1 for risk management
Due to a very nice risk-reward and trading with the main bias/trend, the position has been opened.
Macro analysis; Price closed below the liquidity band and the daily key level. Possible down momentum to 1.19600 level where the next liquidity band resides. Bearish engulfing candle taking out 12 hours of trading previously and on the shorter note bearish engulfing candle, taking out 4 wicks of trading. Also closed below the 4H key level.
HTF bias is down to 1.1950 psychology level after price picked up money at 1.22200 level.
Micro analysis; price moved down, breaking the New York/Asian low and creating a new intraday lower low below the daily key level, pointing out possible downward momentum. A retest of the previous Asian low taken as an entry point due to the confluence with the macro analysis.
Main negatives:
- Volume of the last engulfing candle is not spectacular, could be a fake move depending on the next 4h candle
- Trading within a liquidity zone, previously taking the price in the opposite direction
- Trading through the 4H. Will act as tp1 for risk management
Due to a very nice risk-reward and trading with the main bias/trend, the position has been opened.