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ridethepig | GBP Trade of the Week♟ Another clear map for us to play with Brexit and the U.S. elections acting as the main price drivers. A double top is a purely tactical weapon. It is terrible compelling; even for the most unaware retailers who will jump in - so we are tracking for flows driven to the lows after a double top. We shall close this Brexit chapter with some strong short GBP trades. (1). In the following EURGBP things are coming down to an interesting break unlocking the 1.00x levels: GBP sellers have of course got the control, they are winning the continuation as long as 1.306x is holding (note the importance of this resistance, it should be safe and sound). What we must take into account is the tactical manoeuvre of the slimy politicians and any headlines around a brexit deal. To the downside, 1.291x as an initial target with 1.267x the bigger level below. Thanks for keeping the feedback coming 👍 or 👎
Short
by ridethepig
6
$GBPUSD - Re-entry Buy NowUnless the breaker is what keeps it from buying, I see it attacking more highs aiming for 1.30900. A bit ambitious for a day, but it's cable. Red lines are previous daily highs, blue lines are previous daily lows, greens are targets or order blocks. And the gold line is the breaker that I'm weary of. If it trades below the stop loss then it will break structure and trade lower. But after the linked good trade called last night, I'm taking my chances. It knocked me out but I re-entered. I thought that might happen with such a tight stop loss. New position already But this was my original Idea that I should've stuck with.
Long
by BodiesXWix
$GBPUSD - Buy Side Liquidity = Trading higherLooks like GBPUSD already gave us an optimal trade entry during the Asian Session. After bouncing off the 1.29000 level last week it did create a lot of sell side liquidity but it seems to be showing a willingness to want to trade higher. Looks like we already missed an optimal trade entry which could come to fruition during the London Session. Or it could soon and then trade down during the London Session. I do think we'll see some buying before we see some selling and it's already happening. First it will want to take out those equal highs it already created tonight. Then the previous days highs. 3 The reason I see that as a target is that it's double the symmetry of the trade for one, it is about halfway up the 4HR bullish candle, (See Chart) And there is a bit of disturbance there in the 15 min chart (Scroll in original idea chart above) We could see a bullish week for GBPUSD. But as for now, I think I already missed the first good trade of the week watching football and I'm waiting on another entry. It's already traded down into the bullish order block which is another reason why I believe that was the best entry that was missed. But After watching the price action for almost 10 minutes. I think I could be absolutely wrong too. It's looking a bit bearish. A lot of movement for a Sunday night.
Long
by BodiesXWix
$GBPUSD - Next Weeks Action - 200 pip 4:1 R:R (Idea)This relates to my idea I posted last week titled "Long Term GBPUSD - Go Long Soon" if you want to refer to that as this is a continuation of that idea. I know the chart looks busy but hear me out. The CoT (Commitment of Traders) indicator is at the bottom which indicates the net positions of Commercials (Central Banks) and Large Speculators (Retail Traders with Large Accounts) Central banks were at there most in net shorts at the beginning of Septembers High. As the GU started it's fall, the Central Banks were taking in profits, but also slowly adding in longs for when they had pull backs. Interest rates were also fluctuating in favor of the shorts and longs just prior to the moves (I find the interest rate information on Barchart.com) The last week of September, 9/23/2020 - 9/24/2020 Interest rates dropped 36% indicating a major sell was coming. That's also when GU was at it lowest build ing up long positions for the buy, in between the 1.27700 and the 1.26700 price range. As this became an order block any dip back down into this area would only accumulate more buys moving the market up. And it continued until it finally broke market structure making a new high, Which means there is now a new buying opportunity that is not at the same level as before. I have drawn it out in this Order Block between 1.29730 and 1.29310. This retracement is also in between the 62% and 70.5% retracement level where you find most bullish moves from a full wave. Price should retrace to this area for a new buy for about 200 pips until it hits a disturbance/order block in market structure to the left during the fall Which that same 100% fib level to the approximate 200 pips also happens to be the reverse 62% level for a pullback sell (this is the fib drawn from the very top when the shorts were at their highest to the lowest price point when the longs were starting to take over in Net positions). I Placed that fib there for that specific reason, due to the CoT report. Meaning the 200 pip buy to the 100% will meet the 62% retracement of the largerfib indicating a pull back sell at this level, while there's also a confluence of an order block to the left on the chart during the drop. I try to capture it all in this chart. So now if you look at the big busy chart, I've broken it down to what I've noticed in price action and fundamentals to know what should possibly happen next. And once it hits that level, we'll just have to observe price action along the way to see where that pullback will go to. Because I believe we will see more Bullishness out of GU until I see the CoT indicator state more shorts are on the way. But until then this is my analysis of the next move that GU will make. I hope it makes sense and if you have any questions, or any analysis that may contradict my analysis, please share in the comments. Thanks for reading and I hope this may help you in your trading journey
Long
by BodiesXWix
13
GBPUSD - Could See Some Selling, but Overall Bullish.Hello and welcome back. If you found this idea helpful, please leave a like. I was calling for higher prices and got just that this week with my objective. GBPUSD could see some selling going into next week. GBPUSD is in a HTF area which can cause some down movement, so at this time, I need to wait for more information and see how we react at the red line and above that area. Overall, I am bullish on this asset unless we trade and below 1.2900.
Long
by TheMystiqueTrader