The supply gap that was built last week has been filled and considering it as a supply level, I was selling to those novice buyers who saw that so called trick rally into them buying it because of the cyprus deal. Well, that didn’t end up well for them sorry.
I entered slightly lower because I was avoiding unfilled orders . Sometimes big institution make their order earlier before the supply level to avoid missing out. So as I . I entered my short just a few pip below the level and add additional position along the way down as a mean of confirmation move.
Currently open 4 position with a total of floating 400 pips. My target is at 1.2650. I am exiting there before arriving to its daily and 4h Demand level at 1.2617. There is a possibility that this might get trigger by the NFP next week if so. All I need was a strong move towards the demand.
With the current price level, its all filled up at the supply and every fresh supply. This means I have a least path of resistance.
Looks like we are near the Bull trend soon. SO becareful when selling at this stage. The USD index is also approaching its supply level very soon. If the same time both of this arrive to each of their respective level. It will be a nice long term trade.
Happy trading everyone!!