GBP/USD Short Idea - 24/11/2020
Last night resulted in a picture-perfect Wyckhoff accumulator set up.
An institutional candle formed at around 12:30 pm resulting in a contraction and subsequent markdown phase.
Selling climax follows with its signature long bottom wick, signifying the end of markdown and the beginning of discounted long position purchasing.
What followed was an automatic rally that ran through into the Asian session leading to price nicely consolidating within this area, building liquidity.
There were no springs or tests of the selling climax before price rose to fix the imbalance caused by the IC.
I've got two short positions set up, running with the assumption that the imbalances in the SC region will need to be sorted out. Stop losses are (initially) at the wicks of the IC. TP #1 takes place @1.33347, the position of the potential support. This offers ~1:3 RRR mitigating risk for the second short which has a TP @ 1.32824 providing ~ 1:6 RRR.
An institutional candle formed at around 12:30 pm resulting in a contraction and subsequent markdown phase.
Selling climax follows with its signature long bottom wick, signifying the end of markdown and the beginning of discounted long position purchasing.
What followed was an automatic rally that ran through into the Asian session leading to price nicely consolidating within this area, building liquidity.
There were no springs or tests of the selling climax before price rose to fix the imbalance caused by the IC.
I've got two short positions set up, running with the assumption that the imbalances in the SC region will need to be sorted out. Stop losses are (initially) at the wicks of the IC. TP #1 takes place @1.33347, the position of the potential support. This offers ~1:3 RRR mitigating risk for the second short which has a TP @ 1.32824 providing ~ 1:6 RRR.
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