LOOKING FOR LONGS BEFORE LONGER TERM SHORTS
EUR/USD 4H - As you can see this market has a set of highs on the higher timeframes and price has continued to protect these highs, this suggests that Supply in the market is outweighing the Demand.
I would like to see price continue to protect these highs and to begin breaking the lows, this giving us the key structure we want to represent bearishness in the market. I would however like to see price trade us up and into the Supply Zone above first, giving us the opportunity to go short.
By price trading us up and into the Supply Zone we can increase our risk to reward ratio as we are getting in at a better price and we are able to refine our entry.
We could go long in this market once we have confirmation that price is putting in a correction, this will come from a BOS to the upside as this confirms the correction is in play, we simple wait for price to pullback initially and we can get involved.
I would like to see price continue to protect these highs and to begin breaking the lows, this giving us the key structure we want to represent bearishness in the market. I would however like to see price trade us up and into the Supply Zone above first, giving us the opportunity to go short.
By price trading us up and into the Supply Zone we can increase our risk to reward ratio as we are getting in at a better price and we are able to refine our entry.
We could go long in this market once we have confirmation that price is putting in a correction, this will come from a BOS to the upside as this confirms the correction is in play, we simple wait for price to pullback initially and we can get involved.
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