After a frustrating start to the week, persistence paid off catching a nice long on EURUSD...
HTFs - On Monday, price reached the daily demand zone with a rejection and then began to move sideways. This was an early indication that price could be building a cause (accumulation) to potentially reverse to the upside. See the daily screenshot.
https://s3.tradingview.com/snapshots/t/tECGrWb6.png
As price was ranging, there were multiple aggressive bullish impulses on the 1h where highs were breaking again signalling early buying could be occurring. On Wednesday, the lows were broken followed by an immediate rejection deep within the daily demand zone which looked to be a possible Spring phase of the accumulation mentioned earlier. During the Thursday Asia session, price trickled back down to the lows which held (Spring Test). The lower time frames showed what was happening.
LTFs - A small accumulation began just after London open and continued through to New York. This a great example of how price is fractal. In the screenshot, there were multiple bullish impulses breaking highs within ranging price action, followed by corrective moves back down. Adding this price action to the HTF analysis was enough for me to set my buy order at the range lows.
https://s3.tradingview.com/snapshots/l/l6hyc3rz.png
Next week I'll be looking to see if price continues after this bullish move. It's worth noting I took 2 losses earlier in the week before this trade returned over +10R. Trust yourself
HTFs - On Monday, price reached the daily demand zone with a rejection and then began to move sideways. This was an early indication that price could be building a cause (accumulation) to potentially reverse to the upside. See the daily screenshot.
https://s3.tradingview.com/snapshots/t/tECGrWb6.png
As price was ranging, there were multiple aggressive bullish impulses on the 1h where highs were breaking again signalling early buying could be occurring. On Wednesday, the lows were broken followed by an immediate rejection deep within the daily demand zone which looked to be a possible Spring phase of the accumulation mentioned earlier. During the Thursday Asia session, price trickled back down to the lows which held (Spring Test). The lower time frames showed what was happening.
LTFs - A small accumulation began just after London open and continued through to New York. This a great example of how price is fractal. In the screenshot, there were multiple bullish impulses breaking highs within ranging price action, followed by corrective moves back down. Adding this price action to the HTF analysis was enough for me to set my buy order at the range lows.
https://s3.tradingview.com/snapshots/l/l6hyc3rz.png
Next week I'll be looking to see if price continues after this bullish move. It's worth noting I took 2 losses earlier in the week before this trade returned over +10R. Trust yourself