EURO - Weekly Slow 'N' Steady Wins The Race

Study the weekly timeframe.

Notice how we perfectly hammer into the weekly bullish order block formed on 6th Nov 23 whilst sweeping weekly sell stops...

I don't think MAX pain has been delivered to the downside as large hedge funds, mutual funds as well as whales would be smart enough to allow their stop loss to breathe and not place it right at the throat of the previous lows @ 1.07236. I could be incorrect in saying this and EURUSD next week could absolutely rip my face off to the upside as its been the 4th consecutive week that we have seen bearish price action which means there being a lot of open interest (buy stops) above previous recent highs being ran to.

In the short term, just like GBPUSD , I am leaning more towards the short side whilst keeping a open mind that if market participants are not risk off with the dollar, we could see not only EURUSD run for buy stops, but also GBPUSD with stock index pairs like ES1! NQ1! YM1! having a shot also.

My philosophy is simple...

Fortify Michael J Huddlestone's concepts that I have studied to consistently predict where the market is more likely to go.

This includes;

- Market Structure
- Buyside/Sellside Liquidity
- Order Blocks
- Liquidity Voids
- Fair Value Gaps
- Optimal Trade Entry
- Premium/Discount Array
- SIBI/BISI
- Many More!

The strategies mentioned here are some of many that I use to implement into my analysis and over time, with consistency I aim to achieve a high degree of accuracy in the markets with the foresight and understanding to assess what went wrong when my bias is negated.

Credits;

- Michael Joe HUDDLESTONE
- Shawn Lee POWELL
- Toray KORTAN

Comment:

Daily bearish spinning top printed at the end of Monday, sweeping both sellside and buyside; buy stops being the first victim before turning around and mowing over the owner @ sellside 1.07741.
Awaiting volatility during the US sessions

Comment:

I did mention earlier on in one of my posts that GBPUSD was frontrunning EURUSD and what i meant by that is GBPUSD was less reluctant to move compared to $FX:EURUSDwhere, on a short term basis, GBPUSD made the first move before EURUSD , But having a look at the weekly for EURUSD , its clear that we are currently trading through the bullish weekly order block that is supposed to sustain the bullish narrative.
A minor pullback to 1.07559 would be considered healthy in my eyes for todays UK/US sessions as there is not that much high impact news in comparison to Thursday and Friday

Comment:

'EURO' *typo*

Trade closed: target reached:

With the 13th-15th Nov 23 lowest displacement FVG attacked, it would be a good idea to wrap up for the week if your pips target has been hit.
I aim for 5 handles and once achieved, I sit on my hands.
Today's news as well as Friday's release could lead to further downside, especially after the relief rally we have witnessed during Wednesdays US sessions.