Because of yesterday’s fed rate announcement, price has made drastic and strong upward move and during such conditions there is good probability that the price will retrace to 61.8% fib level and rally upto 161.8% level.
Based on this concept there is a valid order block ( one which has broke structure) with a fvg (this is a confluence in itself). Price is likely to take Sellside liquidity and reach upto fvg or order block which are our point of interest and wait for bullish change of character on lower timeframe.
Though price is likely to reach 161.8% level our first profit booking will be at buyside liquidity and then shift our SL to breakeven or an understandable level.
Keep hustling, keep grinding!
Based on this concept there is a valid order block ( one which has broke structure) with a fvg (this is a confluence in itself). Price is likely to take Sellside liquidity and reach upto fvg or order block which are our point of interest and wait for bullish change of character on lower timeframe.
Though price is likely to reach 161.8% level our first profit booking will be at buyside liquidity and then shift our SL to breakeven or an understandable level.
Keep hustling, keep grinding!