My recent analysis did not play out as i hoped it would but i was able to capitalize on a short setup during NY session. I wanted to see London session rally and take out anyone who sold around 1.13600. Instead London session produced a meager 17 pip rally to take out sellers at 1.13320. In all fairness highs were taken. Once NY started price began to show signs of breaking down and actually drops 40 pips before retrace( reacted to a gap at 1.12900) into the range. Moving forward I am looking for price to clean up the gap from the drop earlier and find resistance around 1.13280 level maybe before. There is a huge chance of price rallying and taking out equal highs at 1.13427 so I have decided to give my idea room to breathe so to speak by placing my stop at 1.13500. My target is 30+ pips and derived from today's unfilled price ext. I have also taken into consideration the reaction level that made price curl back into the range in today's NY. Even if this area was to be sold efficiently there is an untested bullish order block directly under it that is going to def give dynamic reaction to the upside. Reaction to the upside does not change my bias, it only directly effects the amount of pips I can SCALP in a session as seen in today NY session. Any attempt to ride price lower will have to come from an OTE retrace and if not 30 pips is a good days work.
