GBPUSD had a big sell of starting April 6th then found some ground around 1.3680.
That price is important because just below it there are potential smart money buy orders sitting at 1.3640.
If you zoom out you'll see that 1.3680 has formed equal lows, which implies a lot of traders and funds will see this as potential support. There are most likely pending orders sitting around it now.
We also have a double bottom that was confirmed this week on the H1 chart.
I'd like to see one more high made for this double bottom to entice more traders long, I will be looking to sell around 1.3820 where there are potential smart money sell orders.
The idea is that retail thinks long but smart money is actually selling all there long orders.
Definitely monitor if we approach 1.3820 because GBPUSD could very well shoot right up.
If we hit that price, divergence from the April5th high to the high at 1.3820 would give me enough confidence to observe price for a short entry.
Long-term target is 1.3640, but It would be best to scale out along the way.
Hope you enjoyed,
Let's Elevate,
Gio
That price is important because just below it there are potential smart money buy orders sitting at 1.3640.
If you zoom out you'll see that 1.3680 has formed equal lows, which implies a lot of traders and funds will see this as potential support. There are most likely pending orders sitting around it now.
We also have a double bottom that was confirmed this week on the H1 chart.
I'd like to see one more high made for this double bottom to entice more traders long, I will be looking to sell around 1.3820 where there are potential smart money sell orders.
The idea is that retail thinks long but smart money is actually selling all there long orders.
Definitely monitor if we approach 1.3820 because GBPUSD could very well shoot right up.
If we hit that price, divergence from the April5th high to the high at 1.3820 would give me enough confidence to observe price for a short entry.
Long-term target is 1.3640, but It would be best to scale out along the way.
Hope you enjoyed,
Let's Elevate,
Gio
Note
Still looking for buy reaction until 1.3740 breaks. There could be smart money buy orders thereNote
Blue/Buy Zone Reaction. +75 pips, 25 pip drawdown. All longs closedNote
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Each week, I send an email breakdown of the best forex setups, watch zones, and market trends so you can trade with confidence.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
Your next setup is waiting—Subscribe for access to my weekly outlooks.
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.