On EURGBP, price is at weekly supply zone (see chart below). On 4hr TF, we can see 2 supply zones (marked in yellow) nested in our weekly supply zone. On last Thursday, price tested the first supply zone and rejected it with a bullish pinbar on 4hr TF. Price rallied back up again and tested same zone and rejected it once again forming what looks like a double top on 1hr TF. For sure, we are not sure until the pattern is completed, see 1hr chart below. As you can see above, bullish trendline was broken and retested giving us more confluence.
Trading plan would be to wait until london open on Monday to see what the price action tells us before entering any trade. SL is placed above 2nd supply zone above just incase price rallies up to collect orders from that zone.
I will update next week!
Trading plan would be to wait until london open on Monday to see what the price action tells us before entering any trade. SL is placed above 2nd supply zone above just incase price rallies up to collect orders from that zone.
I will update next week!
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WEEKLY TF
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1HR TF ABOVE
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On last Thursday, price tested the first supply zone and rejected it with a bullish pinbar on 4hr. Sorry guys, was meant to say BEARISH PINBAR and not 'bullish pinbar'
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Stay away for now, waiting for confirmation