Hello traders and welcome back on this analysis regarding GBPUSD, as always I never try to predict the direction of the market, long and short are only the setup I'm currently looking for, during the day.
I use technical analysis exclusively to find a proper risk reward for my trades, eventually I position myself in the market.
GBPUSD looks currently pretty interesting to me, and I'm looking to complete a pump and dump template started on Monday.
Just few words about the previous week, the previous Tuesday which placed the weekly high, it's a level which began an interesting bearish move, and currently the market is retesting that level.
The previous Tuesday and Wednesday placed the weekly range, and I'm gonna see how the price will behave on the extreme.
This week, last week of April, I can see on Monday a strong impulsive move, which is our pump for the weekly template, the market triggered long breakout traders and closed as well above the previous week high, other time frames/big players are involved on further movements.
Tuesday, the market stayed pretty much inside, it kinda triggered the daily high, but the most important signal to me, is that it closed as a first red day after a full day of consolidation up high.
Today, a bearish move looks like has already started, but considering still plenty of space down low, I can still be looking for further downward move.
Major red news are on schedule at 10am NYT, so no action will be taken before that time.
However I will be looking for the market to pump up 25/50pip, coiling for an explosive bearish move, targeting the low of Monday (which would eventually complete the weekly pump and dump), and potentially trailing a partial even lower.
I will update this post after the news at 10am NYT
Gianni
I use technical analysis exclusively to find a proper risk reward for my trades, eventually I position myself in the market.
GBPUSD looks currently pretty interesting to me, and I'm looking to complete a pump and dump template started on Monday.
Just few words about the previous week, the previous Tuesday which placed the weekly high, it's a level which began an interesting bearish move, and currently the market is retesting that level.
The previous Tuesday and Wednesday placed the weekly range, and I'm gonna see how the price will behave on the extreme.
This week, last week of April, I can see on Monday a strong impulsive move, which is our pump for the weekly template, the market triggered long breakout traders and closed as well above the previous week high, other time frames/big players are involved on further movements.
Tuesday, the market stayed pretty much inside, it kinda triggered the daily high, but the most important signal to me, is that it closed as a first red day after a full day of consolidation up high.
Today, a bearish move looks like has already started, but considering still plenty of space down low, I can still be looking for further downward move.
Major red news are on schedule at 10am NYT, so no action will be taken before that time.
However I will be looking for the market to pump up 25/50pip, coiling for an explosive bearish move, targeting the low of Monday (which would eventually complete the weekly pump and dump), and potentially trailing a partial even lower.
I will update this post after the news at 10am NYT
Gianni
Note
It's a broken down market, I want to see a session pump and dump in order to partecipate on this potential move.
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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.
Related publications
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.