eur/usd long at 1.3759
primary reasons to take the trade:
Gap fill trade from the weekend. Price filled the gap, and although is yet to move up much from the close of the market on friday.
volume and price action on a 1 minute TF and 5 min TF indicate that sellers are running out, and buyers are still interested
at this price.
Was a little nervous entering this trade for the following reasons:
it’s the asian session, and not my typical trading time.
I’m taking a long trading while price is currently in a daily demand zone
I know that price always pushs to size. Size is above current price…but fairly decent size is also below current price.
I’m going long somewhat in the middle of a “liquidity sandwich”. This is not the ideal place to take a long trade.
secondary Reasons I decided on taking the trade.
I have a long bias on eur/usd for this evening.
the size closest to current price is the size above. This will tend to act as a magnent on price.
we have a psychological number: 1.3800 within that liquidity block (starting around 1.3800 and moving up to about 1.3820)
there is a minor liquidity gap between around 3760 up through about 3785.
high probability of making at least 1R
Believe london will likely push up into liquidity before pushing down…before pushing back up. This is a
bit far fetched to call out like this, and I should restrain myself from this type of thinking…as it can lead
to overtrading and overconfidence.
more on this trade as it progresses.
Jay