AUDUSD HTF Retracement Idea LONG
Updated
Afer big move yesterday during Asian session, a bit of accumulation on London and continuing to drop on New York, we saw how Asia again went to add more orders to their positions, but failing to break lows during London, gives me an insight that price might be loosing its downward pressure.
Looking at HTF we can see a double top, that tells me there's liquidity there to be taken, before more positions can be added to last week's move.
Now im looking for the price to take liquidity from early buyers around 0.65750 area, and reacting to range at 0.65650-0.65700 to continue going up filling the empty space towards 0.66500 area where I would be expecting a reaction.
Upward move would be fueled by a DXY retracement to fill the gap around 102.280-102.380 area.
That's my bias for today.
although as always things could turn around and price could break Asia's low and move towards 0.65500 area
Looking at HTF we can see a double top, that tells me there's liquidity there to be taken, before more positions can be added to last week's move.
Now im looking for the price to take liquidity from early buyers around 0.65750 area, and reacting to range at 0.65650-0.65700 to continue going up filling the empty space towards 0.66500 area where I would be expecting a reaction.
Upward move would be fueled by a DXY retracement to fill the gap around 102.280-102.380 area.
That's my bias for today.
although as always things could turn around and price could break Asia's low and move towards 0.65500 area
Note
Price hit range, now to wait and see if It gives the opportunity for the idea to developNote
0.65674 BuyStop OrderTrade active
Order filled at 0.65674 Long position.TP around 0.66050-66.100 area
Trade closed: stop reached
Trade closed Break even.Trade active
Re entered at better prices still long, same area for TPNote
Reanalysing found I made a mistake at drawing range as I took an area already mitigated, this allowed me to re-enter at better price after liquidity Wass swept, still in mind DXY's retracementTrade closed: stop reached
Trade stopped me out, I became liquidity and got stopped, going to watch the move as still think DXY will retrace, failed to see the true demand zone and resulted in 1BE 1SL and 1TP pre market. done for the dayNote
I guess it was one of those times where you get stopped, just to see the price move in your projected direction, analysis was good, direction was projected nicely, but entry was early, as I mistakenly took into account an already mitigated area.Learn from the mistakes and move on, everyday is a new opportunity.
Note
Price reached TP area this morning, after stopping us out yesterday.One of those trades.
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