So this setup is exactly the same as the one I posted yesterday. Entry was missed but the bias is still the same. On my chart, I did some adjustment and decided to re-enter this setup.
Fundamentals:
Same as yesterday. Euro strong, Aud weak.
Market sentiment:
As we can see, retail noobs got stopped out below the actual range and this is a sign that institutional buyers are accumulating their positions to deliver the next bullish impulsive movement. The first stop hunt (yesterday) was to justification to enter my trade, but it already happened. Now, I will just wait to see if institutions will come back to 1,56000 before taking off.
Tip of the day:
When you look at a financial instrument's chart, always make a story that you fully understand in your head. A chart isn't only trendlines and key levels, fibs and moving averages. Behind every price movement that you see, there is a whole story that could help you understand better.
Fundamentals:
Same as yesterday. Euro strong, Aud weak.
Market sentiment:
As we can see, retail noobs got stopped out below the actual range and this is a sign that institutional buyers are accumulating their positions to deliver the next bullish impulsive movement. The first stop hunt (yesterday) was to justification to enter my trade, but it already happened. Now, I will just wait to see if institutions will come back to 1,56000 before taking off.
Tip of the day:
When you look at a financial instrument's chart, always make a story that you fully understand in your head. A chart isn't only trendlines and key levels, fibs and moving averages. Behind every price movement that you see, there is a whole story that could help you understand better.