There was quite a bit of volume around and therefore quite a few zones to play with. I have five zones on the 15min chart below.
A - Highest volume from Monday 9th.
B to E - Various volume spikes through out the day yesterday.
EUR/USD 15min
I mentioned B and C in my post yesterday, labelled as D and E. The volume that came in at B was a great start to the day, potential buying at a zone where we had previously seen confirmed buying - A. Unfortunately as you'll see on the 5min chart in a while there was no test or NS entry into the 50% or high of the zone so there was no entry for me.
The volume that came in at C was interesting too, it looked like absorption volume as it continued to push up for a while, therefore not confirming the potential selling. We bounced off the green line - high volume 1hr low from Friday and came back into the zone. Once we pushed below the 50% of C I started looking at short opportunities. We trundled sideways before eventually printing a No demand upthrust into the 50%, this provided a great entry for the ride down. I'll openly admit I bottled the entry. Particularly once I saw the bar immediately after, which looked like a test.
EUR/USD 5min
The volume that came in at D would have probably made me close or at least tighten stops on any short position I had. As it turned out, this volume was confirmed as buying, but again, there was no test or no supply entry for me to get a long position. A small bit frustrating that these zones were working nicely but not providing many entries, at least per my strategy!
E was the highest volume of the day, but it also came late enough in the day that it wasn't going to have a profound effect. At least until the following day. It had some strength in it and we pushed up gradually over night.
I've had two positions so far today - Wednesday, so i'll talk about those later today perhaps, more likely tomorrow.
Cheers,
Liam
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