Orderblock
EURUSD Shorts EURUSD has just Liquidated previous lows. Usually when this happens, we should see a test of this area before moving lower. Right now, EURUSD is testing a LTF Bullish OB which should make EURUSD go up to our Short entry.
I see price reaching the SSL and to fill the Daily FVG Imbalance below. I dont see price reaching up any higher than the highest high it took out (marked with "x") before dropping.
USDCAD Is Heading Lower In Wave (v) of CUSDCAD decline from wave B high is taking the shape of Elliott Wave five-wave impulse pattern.
The corrective sequence within the impulsive decline follows the EW alternation guideline. Wave (ii) was a sharp correction that retraced 61.8% of wave (i) and wave (iv) is a complex correction and has retraced 38.2% of wave (iii).
Price is expected to head lower in wave (v) to complete the five-wave sequence in wave C.
Other Confluences:
- Price is retesting daily bearish order block (supply zone)
- Price is rejecting daily 50 EMA as dynamic support (not shown on chart)
- Doji at the supply zone
What's your view on USDCAD? Let me know in the comment.
Thanks.
Simplifying Order FlowThis chart analysis shows you the power of order flow using two main things:
OB - Order Blocks
BOS - Break of Structure
If you can determine a trend utilising impulse and correction, you can almost always ride the wave by scaling in positions using this method.
First, determine your trend and then wait for a break of structure of a low/high.
In this example, we are in a bearish market so we are anticipating a break of a low before we can draw up our order block.
Once we get a break we can mark the OB that created the break and then wait for demand at a later date for sells.
IF the price gets too far away from the OB and looks like it isn't going to return to that point, we can move on to the next BOS and OB.
Note: This does not always mean that price won't return but we can still capitalise on the short term moves.
I have left an example of what could potentially happen next, although I am doubtful because the trend looks like it is coming to an end.
Please take a moment to like and comment on this post!
🦈 Inside 🦈 XAUSD - I took a very nice entry on Gold yesterday using the DL, PA, HTF shark with LTF confirmation for entry.
Now we have a nice looking PRZ (Using OB, imbalance fill and shark C leg) for a potential pullback before continuation.
I will wait for price to hit this zone on the LTF then enter if I get BOS and retest confirmation.
Let me know your thoughts!
Framing high probability setups using orderblocksEveryone is trading orderblocks these days.. so how do you use orderblocks to frame a high probability setup for yourself?
In this video I will show you exactly what criteria I look for when framing a high probability setup.
When I want to trade right off of an orderblock, there are a few things that I look for.
1. A Swing high or low
2. Imbalance above or below the swing point
3. An orderblock just past the imbalance
These 3 confluences together increase the profitability and probability of my trades and will help you increase your profitability as well.
Best of luck!
Dilpreet
EURCHF 15M - LONGPrices broke out of structure on the H4, leaving behind demand areas to work with. Currently gave us a shift in structure on the 15m, you could have a risk entry upon limit order. Otherwise, confirm the demand areas and wait for the bullish structure to formulate before taking continuation BUYS.