Reasons for the setup:
Weekly Chart:
We've reached -61.8% profit target completion and are now in consolidation. There should be no more near term liquidity left below the consolidation!
1 Hour Chart:
A stop run within the consolidation has cleared out all the liquidity at the discount level of the consolidation.
Now I'm waiting for a day that opens and has a small (20-30 pip) run lower which re-tests the .69250 level. If after re-test, price breaks back above the open I'll enter on the retest of the open on the 5 min chart.
Weekly Chart:
We've reached -61.8% profit target completion and are now in consolidation. There should be no more near term liquidity left below the consolidation!
1 Hour Chart:
A stop run within the consolidation has cleared out all the liquidity at the discount level of the consolidation.
Now I'm waiting for a day that opens and has a small (20-30 pip) run lower which re-tests the .69250 level. If after re-test, price breaks back above the open I'll enter on the retest of the open on the 5 min chart.