I really don’t know what the news were saying yesterday but it create a whole big move of roughly 150 pip. Clearing all those buy orders or stop loss hunting. And guess what, that give me a clear path. I might be wrong , but there are still persistent buyers out there that wants to give charity to the market and Me I think.
Now lets Talk about the NY session, since I have been taking setup out of London, This time an example of a NY session. See the chart below. A supply formed just after NY open. There is a nice clue that the US bank Traders sold massively yesterday. With those massive move means massive amount orders volume was executed leaving unfilled order . So I am putting my sell limit over there. Let’s see if the trade works.
By the way, I am only taking this trade 1:2 RR only. Because that is my favourite statistical number as it gives me a 80% winning average hence the system I used most of the time.
SO I will leave it to do its thing, and see what happen the next time I open my chart! Then we will review the outcome of this trade. Now remember, I said 80% , the chance of 20% can happen , it only take another large institutional trade to take against our position. At best I can say where I spot the supply in a smaller time frame will likely price turn for a short term as well.
But I believe that stacking there could also be the London traders and NY traders that has ordered not being filled.