This idea uses the ICT concepts, and is only my interpretation of these.
Price action has been bearish for a number of weeks, bringing price down to the OTE area on the weekly chart. Seasonal direction also points to a change in USD direction, normally towards the end of November, so this trade is in anticipation of that change in direction. It coincidces with the 62% Fib level, and price should start moving upwards after price takes out the Buy Side liquidity at 1.117. It may even still be bearish for another few weeks to fiil the weekly FVG between 1.1101 and 1.100 before making the move up.
Target is 1.406, which is above the previous intermittent high for a Risk/Reward of 4.
Price action has been bearish for a number of weeks, bringing price down to the OTE area on the weekly chart. Seasonal direction also points to a change in USD direction, normally towards the end of November, so this trade is in anticipation of that change in direction. It coincidces with the 62% Fib level, and price should start moving upwards after price takes out the Buy Side liquidity at 1.117. It may even still be bearish for another few weeks to fiil the weekly FVG between 1.1101 and 1.100 before making the move up.
Target is 1.406, which is above the previous intermittent high for a Risk/Reward of 4.