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9 mai

EURUSD May 9, 2024
Weekly

Price reached 1.088 picked up some liquidity and then tanked to the downside breaking market structure bearish. Price reached the lows of 1.064. The following week the momentum died down and price formed a doji candle indicating price indecisiveness. Price the following week decided to break back bullish after rejecting any momentum to the downside. Price however respected the weekly level of 1.072. Price the following week broke above and closed above the weekly level but was unable to breach the daily level of resistance. Price this week so far has retraced back to the daily level of support.
Daily

Price had some clear difficulties breaking the daily level of resistance located at 1.073, it tested it 5 days in a row then finally broke above. Once above price pushed straight into the daily level of resistance and respected it. Price is clearly bullish and is unable to break a level of resistance. Price attempts to push higher for the next two days but is unable to. Importantly, price did not retrace anywhere to pick up any liquidity since the push, it’s only been consolidating. Price yesterday is finally pushed into the liquidity zone and respects the area by closing above. Price, however, only reaches the first initial daily zone and not the previous one which was holding price hostage for 5 days. Price today finally dips into the significant daily area located just below. What is also important to note is the two bearish candles that are pushing price into the liquidity area are extremely low volume indicating that price does not want to go bearish.
4H

Price reaches the daily area and then slowly retraces lower to pick up some liquidity. If we look at the volume bars, there is barely any liquidity inside of them. The retracement is very low volume indicating that there are no sellers in the market and price is being forced into our liquidity area. Price initially reaches the first daily area, but this is not the level that price wanted to pick up liquidity from. Price wants to retrace further down into the next daily area. This is because the lower daily area is much more significant and has many more touches in recent price action. Price will be magnetized to the level because it was previously holding price bearish, and it was respected multiple times. When looking for the trade price was pushed into the level and closed right at the level indicating our first entry confluence. Once this happens, it’s a signal to zoom into the lower timeframes.
Entry

Price reaches the daily area at the start of London session. Price closes below which is the first test of the level. Price after trading below the level closed back above. After temporarily closing above, price was forced down into the zone for a second time and formed a stop hunt. The stop hunt is the second close below of the level. Once price closes back above the level following a stop hunt that is our entry confirmation. Price immediately shoots up indicating perfect entry.
2nd Entry
The move has already started during the beginning of NY session. Price closes above the Asia session which is also yesterdays NY High. Price then retraces back to this zone, tests it, and respects it by forming a bullish engulfing candle. Price respected yesterday’s NY High during todays NY session, entry confirmation.
Confluences
Buying in a bullish market structure
Buying at a liquidity level
Daily area
Daily area respected 5 times on daily timeframe
Daily area respected 7 times on 4H timeframe
50EMA Support on the 4H timeframe
Low volume daily retracement candles
Low volume 4H retracement candles
Fibonacci retracement zone