Hopiplaka said:
Classic LO Sell day was completed I think.
It looks like the OTE BUY will hold. Stops were cleaned on most pairs.
We might see a reversal profile. Let's see what Late NYO or LC brings...
To explain the classic LO Sell on the EU, have a look at following screenshots.
A small retracement opposite to the sell setup, next through asian session to make a top.
Next back into the asian session followed by a new top. Normally there is divergence, so either EU is making a higher high, or USDCHF/USDX is making a lower low, while the other is not making a higher high/lower low.
At least one of the pairs will make a OTE after breaking a swing high/low.
Most of the time its the one who failed to make a higher high/lower low, USDCHF in this case.
The zone where the divergence was seen in EU was in the OTE zone for the swing made in NYO yesterday. Price touched the 200% extension during NFP, right into a OTE zone drawn by my new indicator - good for 60 pips.
Price is hovering around this zone for both the EU and USDCHF, while GU and USDCAD bounced off the low/high made during NFP.
All conditions are met to take a long: 1D EMA 9/18 is still BUY, OTE zone, inside 1H and 4H Order block and MS was broken on the 5M.
But I'll wait until tomorrow to see what happens during LO - if anything happens because of 4th July.
Happy 4th of July for all the USA people!