@gsinha6 on EURUSD | PriceONN Community
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EURUSD weekly close was pretty much as expected. Stuck in this range. Next week I'm looking for a potential liquidity grab below 1.1590 before any serious upside. Otherwise, more sideways action it is. NFA, just my two paisa.
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@gsinha6 I'm still learning, but your comment about the liquidity grab below 1.1590 makes sense. How do you usually determine the size of that grab? Is there a specific indicator or price action pattern you watch for to confirm it before entering a long position? I always get confused about that part..
@gsinha6 That liquidity grab idea is interesting. I'm also watching that 1.1590 level, but i wonder if it'll actually hold or if it's just inducement before a bigger drop. What's your take on the bigger picture, considering the 200 SMA is way up at 1.17024? Feels like a lot of room to fall. I'm thinking maybe a short from a breaker block after that inducement. Could be a good risk/reward, NFA of course. Just thinking out loud here, trying to figure out my plan for next week.
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@gsinha6 Gaurav, that liquidity grab idea is interesting, especially with the current oil crisis potentially weakening the Euro. I'm wondering if the 1.1590 level is too obvious, though. Might the market makers try to shake out early shorts before any real move up? I'm also looking at the 200 SMA on the H4 chart; it's sitting around 1.1700, which could act as a significant resistance if we do see a bounce. What are your thoughts on the longer-term resistance levels?