Long

GBPUSD Bullish Setup Jan. Week 2, 2023

Updated

The long anticipated bearish retracement came through. Price met my bearish target from previous analysis (see referenced ideas) at 1.1881 and broke structure on the H4.
For this coming week, following price action I would be anticipating a retest of the discounted zones at 1.1936 before a bullish run to 1.2298.
My idea for potential price behaviour using the path I drew is just taking advantage of the demand and supply zones between targets. Price action can change.
As always, trade cautiously.

Trade active

1h is still very much bullish. I am buying for now

Trade active

After this, I would wait to see if there is a 15min BOS lower.

Trade closed manually

Price closed me out at BE

Trade active

I entered a sell position

Trade active

A bit of consolidation there. Would move SL to BE soon.

Note

My outlook for this morning

Note

Ha, seems I overlooked the trend. I would be looking for a 5mins break of structure for entry.

Trade active

I took an entry, but I am still waiting of the 5min BOS

Trade active

It's possible price might take out liquidity before the next bullish move.

Trade active

Price did not pan out like anticipated. I am currently sell to the break of low

Trade closed: target reached

Yea...this is starting to look like a reversal. Would be looking for buying opportunities in NY session.

Note

wow, no buy opportunity.

Trade active

I bought.

Order cancelled

Price hit BE

Note

I can see a 5mins structure. If we can get another BOS Lower, that would be confirmation to sell

Trade active

Last trade of the day.

Trade closed manually

So choppy, I have closed my trading for the day.

Note

Following my earlier analysis and identification of the Head and Shoulder reversal pattern (scroll up), I can see price forming a distribution schematic. Target is at around 1.1923. I would like to see a 15min BOS for a sell entry.

Trade active

I took a sell position, however, I am now watching for a 15mins BOS.

Trade active

I think there might be a pullback for more bearish action.

Note

blast I missed that move. with this expansion, we might still get liquidity taken out

Note

hmmm, I would be looking for a pullback here

Trade active

Nice! Took the entry.

Trade active

As NY session begins, I would be expecting this sort of Price action:

Note

Trade active

I took this entry.

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We still need a 5min BOS.

Trade active

Good 5mins BOS. The

Trade active

No more new positions for the day, would just monitor this one. See you tomorrow.

Note

Good morning...I am afraid we might not see the sells we've been anticipating. Currently Price action is looking to break highs. This is what I am expecting with current price action:

Note

Before I discard the sell idea, I can see that price did not give the 15mins confirmation structure. If we can have a 15mins distribution without breaking the LH, I would be interested in selling.

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For now, all sell ideas are suspended. I would be anticipating this price action.

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hmmm..

Trade active

First position of the day.

Trade active

I closed the previous entry at loss because because price was looking bearish and had violated a serious low. And then, I re-entered the buy, because price did not break the low. This is the life of a precision trader. You dont play with your stops when price invalidates a setup. it is better to bear a small loss, than a huge drawdown which might also turn out to be a loss.

Trade closed manually

Closed the trade at BE.

Note

I would be looking for a 15mins retest, before the next bullish run.

Trade active

I took a sell entry.

Note

Price has broken multiple lows, If are going to see more sells, I would be looking for distribution around the nearest daily resistance (38.2%), else I would be looking for a bounce for 15mins BOS to move higher.

Trade active

This does look like the 3-drive reversal structure. I would be watching for a change of character.

Trade closed: target reached

I would be watching for this price action:

Note

I would be watching for this:

Note

Cancel the previous setup. I think, we are ready to buy. Waiting for a retest.

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The picture price action is painting is a sell rather than a buy!

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i sent the wrong chart in the previous post. Price action has invalidated the sell. would continue waiting for a retest on the 15mins.

Order cancelled

Buys are cancelled. That's all for my post for this week. Enjoy your weekend.

Trade closed: target reached

SwingingPrime

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