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$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
Shorted GBPUSD Maybe a little late for a call but I just wanted to record this as my own personal journal entry. I shorted GBPUSD Prior to the FOMC Meeting Minutes in anticipation of a rise in the DXY. Also I saw that GBPUSD was unwilling to make a higher high so I didn't see a break in market structure, so I thought a short for a scalp was possible. Entry was 1.29165, SL Was 1.29350. TP is far off at 1.28700. Just looking to make 20 - 30 pips heading into the Asian Range. At the time I'm up 7 pips. Again just recording this for personal use, not to be confused with a call.
Short
by BodiesXWix
3
EW Analysis: Cable Can See More Weakness After A PullbackHello tradars! Today we will talk about Cable (GBPUSD) and its price action + wave structure from Elliott Wave perspective. Cable is turning south and it's pointing even lower after we noticed a bigger A-B-C corrective rally from March lows. So currently, after recent broken channel support line, we are tracking at least a three-wave A/1-B/2-C/3 decline that can send the price at least back to the 1.2250 support area. But, before that sell-off for wave C/3, we may see a temporary intraday recovery for wave "c" to complete an a-b-c, a higher degree expanded flat correction in wave B/2, where ideal resistance would be at that trendline connected from March lows, 61,8% Fibonacci retracement and 1.30 - 1.32 zone. We will expect more weakness for GBPUSD as long as it's trading below 1.3488 invalidation level. It is worth reporting that the UK Prime Minister Boris Johnson will hold talks with the European Commission President Ursula von der Leyen agreed in a phone call on Saturday to step up negotiations on a post-Brexit deal. Given the lack of progress in the ninth round of Brexit negotiations, the efforts to close gaps extended some support to the British pound. However, it might be only a temporary support and recovery ahead of important October 15 deadline for Brexit deal . All that being said, wave structures and upcoming news match nicely, so timing can be perfect. Be humble and trade smart! If you like what we do, then please like and share the idea! Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
by ew-forecast
6
Long Term $GBPUSD - Go Long SoonAccording to the Commitment of Traders report, Commcercial banks were start shorting the GBPUSD back around August 11-18. The price is now lower than when it was during August 11-18 which means they have profited off of those short calls back then. Just recently they started longing the GBPUSD and we saw that if we look at the build up of the lows of last week to the blast off during the London session. Looking for a retracement that I placed a fib on from the August 11-18 high's to the last week's lows and we're looking at a re-entry somewhere between 1.27290 and 1.28200. But when you're looking to end up with a couple hundred pips, hopefully between 1.3300 and 1.3400, in a few weeks, I think a one hundred pip window is a decent window to look for an entry. Usually the low of the week happens during this time so I'm taking a nap to wake up for the London session to see if I can't get a great entry on a long swing trade. Here's the CoT for reference. www.barchart.com I have the opposite sentiment for EURUSD as the CoT's have been shorting that since March, and the same for EURGBP.
Long
by BodiesXWix