Short

GBPUSD Bearish Setup

Updated

Price formed a double bottom at demand on the H4, and has since seen a bullish momentum, breaking key highs to form a double top for the next bearish momentum.
Price is still bearish on the higher timeframes. Using Elliot, we can approximate what stage of the correction that is unfolding.
I would be watching for price to begin the bearish momentum at current price or from the 1.21 zone. Target is at the 161.8% expansion at 1.57

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From the last setup on the previous sell idea...

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I took some trades yesterday evening and early this morning (Asian session). I am expecting a small bullish correction before the sell.

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finally price has come into entry zone. As long as price doesnt break the HL, I would buy the break out to sell entry.

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Price broke the low. I would be selling. Alternatively, if price forms support at demand, that just means we would break the high.

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nice!

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We might get another entry.

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I am watching this 2nd entry carefully.

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🤩

Trade closed: target reached

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hmmm, just a quick one

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Price hit my BE.

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live.

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Previous trade was a loss. When price took out the previous high, I thought we might see a bullish momentum. However, this previous Asian session reaction to supply showed price was still bearish. I had to redo the analysis. I would be expecting something like this for LDN session.

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Yes!

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I am expecting a pullback.

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I am expecting another pullback.

Trade closed manually

i closed my sell.

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I would be looking for buying opportunities for a correction:

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setup amended

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It's sad Price did not give the buy opportunity to sell zone. I would be watching for 15mins BOS to sell. 1st target is the break of the low, then I am expecting a pullback before the last sell of the week.

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I would be looking for a buy setup next.

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The key would be a 15min break of structure.

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If Price breaks the recent low, i would be looking for retest to sell.

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I would be looking for a retest for entry.

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nice.

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🤩

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I took partials at the top...would be watching for additional opportunities for entry.

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I would like to see a 1h retest of demand zone, and probably liquidity grab for confirmation of an entry.

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nice!

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GBPUSD; I am being very watchful with this one since its COB LDN session.

SwingingPrime

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by SwingingPrime

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