Trader_366_FX

Price is still bullish overall but retracing to induce sellers to get into the false bearish bias. Price is still overall bullish but a retracement is inevitable.

Caught intraday shorts on NY open to lower prices. Because we're overall bullish on the HTF we could possibly see prices go lower. However, we have to note that price has yet to mitigate and fill imbalances from the initial bearish move from last week's close. Plenty of intraday opportunities to get into a HTF swing in the coming days.

We see that price shot up and created a new 4h range that we can play with. We also see the 61.8% range lines up perfectly with an unmitigated zone with a FVG and a demand zone that price will gravitate towards in the next few weeks before moving higher. Long term we're certainly bullish and it seems like price will continue this trajectory the next couple of months and this indication has started.

We see that this Bearish hourly range was created after a market structure shift after liquidity was taken. We can denote from this range as well that price is creating further sellside liquidity to be taken out later on. Because price is still on discount prices of the range, we wait and see what develops or if price has the willingness to get to premium prices before selling off.

We've tapped into premium pricing and this gave a reaction for price to move lower. Taking into consideration that overall we're clearly still bullish, price may require to tap into lower prices and seek sellside liquidity before finally moving higher. From a bigger picture, we're definitely in a HTF range and we see this on the Daily, Weekly and Monthly. My bias is that we're setting up for a larger expansion higher over the coming months.

We see price take out all sellside liquidity from a HTF. This signifies that price is willing to go lower to finally pullback from a weekly perspective. Intraday buys to sell are still a good option, however because there is a clear market structure shift on the daily based on candle closures, we can possibly expect a mitigation of higher prices to 2382.61 before going lower. Also taking into consideration that buys are a higher possibility following bullish pressure on the weekly, we may very well break the highs since all sellside liquidity has been purged.Best scenario is for price to mitigate buyside key level of around 2382.61, melt to 2279.68 and continue its bullish pressure higher