CADJPY Short Scalp Idea
I spotted a nice trade according to my usual rules. Here are some confluences that influenced the trade:
1. A recent close of a market maker model may indicate that large players might want to start taking profits from their positions, therefore this is a good confluence for a reversal.
2. I really like the fact that the target liquidity is a good distance away, giving the price a lot of room to fly.
3. A market structure shift may signal the beginning of a trend change.
4. There is a fair value gap that precedes the market structure shift, which shows just how strongly the price wants to reverse.
1. A recent close of a market maker model may indicate that large players might want to start taking profits from their positions, therefore this is a good confluence for a reversal.
2. I really like the fact that the target liquidity is a good distance away, giving the price a lot of room to fly.
3. A market structure shift may signal the beginning of a trend change.
4. There is a fair value gap that precedes the market structure shift, which shows just how strongly the price wants to reverse.
Trade closed manually
Unfortunately the expected reversal was halted for some reason and price remained bullish. But the setup was great in my opinion especially because the market maker model close aligned with a stop hunt of previous day high, so I was really confident of a reversal here. Anyways, very unfortunate but this is a setup I would take all the time without hesitation.Note
And if you are scalping always remember to close your trades before market close at midnight to avoid the high spread.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.