US30USD 2023 09 08
Updated
Bias: Longs
R:R 7:1
Confluences
Macro
Weekly - Last week candle closed ABOVE Q2 high key level at price zone 34450.0,
current weekly candle retesting said key level
Daily - Past two daily candles filled a Fair Value Gap buyside imbalance and retested the
encroachment area
Daily - Structural retest off of Q2 High key level (34450.0) as this key level is also considered a
Daily key level as well
4h - A Fair Value Gap Sell Side inefficiency area was invalidated with the encroachment area
being broken and retested to the upside ultimately inverting this Gap (inversion off of SiBi)
4h - Creation of a new Higher Low structure was formed, changing the character of the current
structure (ChoCh)
Micro
1h/30m - Suspecting a BREAK above a current ascending triangle market pattern during
the intra day timespan. (This pattern is normally an indecision bias market pattern)
30m/15m - This week Wednesday and Thursday US session zone(s) used as entry zone
15m - Entered off of this timeframe
Remarks: Although entry was fairly late in comparison to the previous two trades during today's trading session, ultimately was still able to find an entry with solid evidence supporting the position's bias (Longs).
R:R 7:1
Confluences
Macro
Weekly - Last week candle closed ABOVE Q2 high key level at price zone 34450.0,
current weekly candle retesting said key level
Daily - Past two daily candles filled a Fair Value Gap buyside imbalance and retested the
encroachment area
Daily - Structural retest off of Q2 High key level (34450.0) as this key level is also considered a
Daily key level as well
4h - A Fair Value Gap Sell Side inefficiency area was invalidated with the encroachment area
being broken and retested to the upside ultimately inverting this Gap (inversion off of SiBi)
4h - Creation of a new Higher Low structure was formed, changing the character of the current
structure (ChoCh)
Micro
1h/30m - Suspecting a BREAK above a current ascending triangle market pattern during
the intra day timespan. (This pattern is normally an indecision bias market pattern)
30m/15m - This week Wednesday and Thursday US session zone(s) used as entry zone
15m - Entered off of this timeframe
Remarks: Although entry was fairly late in comparison to the previous two trades during today's trading session, ultimately was still able to find an entry with solid evidence supporting the position's bias (Longs).
Comment
Monitoring the rest of position on the 4h chart ONLY.Trade closed: stop reached
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