Overview:
Price retraced back to the 15-minute supply area while taking out equal highs in the process which is an added confluence in terms of a bearish reaction.
Zooming down to the 1 Min timeframe, bearish momentum became more apparent as a 1 Min demand area was invalidated with the price-breaking previous internal higher low structure and creating a 1 Min supply area with an engulfing candle for imbalance.
Stop Loss: 1.07896
Entry: 1.07865
TP 1 set at 15 Min Demand Zone Imbalance: 1.07532 ( 1:10.6 RR)
TP 2 set at 15 Min Structure Higher low: 1.07345 ( 1:17 RR)
Fundamental Reasons: The Fed is expected to continue with a pause in its monetary policy decisions which is something that the market has already been pricing in. Market price movements are expected to remain subdued with lesser volatility than usual in the run-up to the news events later this week.
If the trade does not hit TP before news events, It would be closed at any RR regardless
Price retraced back to the 15-minute supply area while taking out equal highs in the process which is an added confluence in terms of a bearish reaction.
Zooming down to the 1 Min timeframe, bearish momentum became more apparent as a 1 Min demand area was invalidated with the price-breaking previous internal higher low structure and creating a 1 Min supply area with an engulfing candle for imbalance.
Stop Loss: 1.07896
Entry: 1.07865
TP 1 set at 15 Min Demand Zone Imbalance: 1.07532 ( 1:10.6 RR)
TP 2 set at 15 Min Structure Higher low: 1.07345 ( 1:17 RR)
Fundamental Reasons: The Fed is expected to continue with a pause in its monetary policy decisions which is something that the market has already been pricing in. Market price movements are expected to remain subdued with lesser volatility than usual in the run-up to the news events later this week.
If the trade does not hit TP before news events, It would be closed at any RR regardless