MatDerKaterWyckoff check is just a retest of a very prominent Horizontal S/R level. The most text book trend following trade entry level out there….but interesting for this one, there is another short SL tranche sitting right on it…..(who the hell would place their stop right on a such a level likely to be retested as standard?)
Probably wise not to do anything new until after London open…..would never normally open an intraday trade going into US close, but got a new toy to play with…..interesting the way that it tagged the logical level leaving the Short SL tranche (according to MK-Indicator) intact and then backed right off. Does it come up again to get it, or has it already ‘got it’, with enough real market FX dealing desks? If the orderflow data is genuine retail broker orderflow data….then one retail broker will differ from the rest…..if on the otherhand it is some sort of stat based approximation on where heavy SL tranches most likely are….then an approximation is an approximation?
