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I liked your call on the EURUSD at 1.2300. If anyone took the time to notice, there were several indications that this was a strong rejection zone. If you look at the SS indi on a 1hr chart there are a number of down skull indications at that level, that is a clue right there to start with. Also we have a bottom area building at the same time so the market is forming a point of control at the 1.2260-1.2300 price area. Each time price touched this top edge of the zone it was rejected. We can see pressure is building until at last the demand had dried up and the sellers take control to push it through the bottom edge with strength and most likely market makers have removed liquidity as well at the same time and then if you “look left” you will see empty space….
On a rebound I am expecting to see sellside supply at 1.2240, 1.2265 and again at 1.2310-20 (sorry for no 5th digit people) and that is probably the level you can see the big boys playing at. If you go to a 4hr chart you will again see a strong rejection at at 1.2300 level where price has rotated away from it with speed. Lastly, looking at a daily chart you will see a bottom edge at 1.2310-20 area that was again broken with strong selling.
Take care and happy trading guys
- This reply was modified 8 years, 1 month ago by maahome.