I call this post Welcome to October.
Basically, the penny has finally dropped.
I'll get my excuses out of the way with first, for those of you that have been reading, you know i'm moving house. So i've been busy.
I thought I was seeing weakness each day since the start of the month, of course we can see today that this wasn't the case.
EUR/USD 1hr
I have three green 1hr zones highlighted on the chart above. The first one for obvious reasons as it's a massive wide spread and volume, i've spoken about this zone before. Since we came into this zone around the 24th of September we've tried to push out on four occasions, the 24th, 25th, 28th and 2nd Oct. Highlighted in the first yellow box.
In the mean time we had printed another high volume zone which initially served as weakness to push us to the low. Once we were above the 50% there was no looking back. This is the underlying strength which has eventually propelled us north, once all that supply was dried up at the zone high (1st yellow box). We have several bounces along the 50% of this 28th September zone and I failed to notice these building up over the last few days.
The middle/top zone is to highlight how today's high volume was a result of pushing out of the the previous zone and into this area. We can see now that this was absorbed. At the time I was thinking weakness, I even had a short order set which (fortunately) didn't trigger. I know I shouldn't dwell but it's annoying I missed this over the past week or so.
I've been posting more and more about higher (not 5 and 15min) time frames lately. I'm beginning to think I really need to pay more attention to them.
This post brought to you by Captain Hindsight.
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