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December 2022: Selling GBPUSD Pt. 8With Price breaking the low of 1.20176, Price action changed and has clarified the trend developing. Price rejected a major resistance zone at 1.2105 forming a 3rd wave of the trend. Therefore, my current bias is bearish, and I would be looking to sell into LDN session to the 161.8% expansion (1.1858). Currently, we have what looks like a lower asian high, however, I expect price to take out liquidity of the NY high created yesterday to discount at 1.2088 before breaking the current asian low at 1.20149. Remember to be adapt, and as always trade cautiously.
Short
by SwingingPrime
19
December 2022: Selling GBPUSD Pt. 7Following Price action, I have had to constantly adapt and update my positions to take advantage of the market. We have currently broken structure on the H4, however, we have not had any significant pullback to any of the golden ratios: 38.2, 50, 61.8. Instead price has continued in a mini trend. To complete the trend and following the impulse of price action, as long as price does not break below 1.20234, I am expecting bullish actions to 1.2166 (38.2%), and then a sell off to 1.1713. As always, trade cautiously. Happy New Year ;)
Short
by SwingingPrime
7
GBPUSD Buy Setup ~300pipsGBPUSD broke structure on the daily, however, we have had no retracement since the bearish impulse began. I started identifying this expanding diagonal since Monday, and price has been consistent with the expansion. Mid-week trading on Wednesday usually sees a reversal of momentum for the rest of the week. Instead, I can see Price has completed the reversal pattern. For as long as this setup holds, my current expectations for the rest of the week is GBPUSD bullish. I would be targeting 1.23630 for about 300pips. As always trade cautiously.
Long
by SwingingPrime
16
December 2022: Selling GBPUSD Pt. 2Hello everyone, the sells have begun. Following my previous analysis, We've been anticipating sells for the rest of the week, with indicated targets at 1.1739/1.1738. The areas I have marked on the chart: 1.24251, 1.24042, 1.23552 are possible areas of pullback with this sell impulse. It is best to wait for price to pullback into areas and wait for consolidation before entering an order. As always trade cautiously. Happy Profits.
Short
by SwingingPrime
2
December 2022: Selling GBPUSDHi everyone :) I usually play my game plan as an overall guide to my day trading for the week. For any disciplined funded trader, one of the common rule is our inability to hold trades over the weekend or continuously through a month. Except you also are building a side account like me ;). However, I am sharing my entire analysis, because we are at the end of the year, reaching the end of the month and in a very hot week (Check the hot news releases for this week). I am anticipating a lot of impulses in price action this week and next week. I am anticipating a strong sell all the way to 1.1097 as part of the Elliot wave correction. Price has been bullish since 26th Sept. 2022. This is a correction for a bullish GBPUSD in 2023. The composite buyers are taking profit, and driving price to discount for a move higher. Trading GBPUSD within this volatile period may be challenging, so pay attention to price action NOT indicators. I am expecting a seller's market to 1.1739/1.1738 as my first target (possibly the target for this week). A possible pullback into resistance might occur to 1.2033 before another strong sell to 1.1097. This second bit might happen next week. As always, trade cautiously, observe your leverage and margin, manage your risk. I wish you a happy end into our trading activities for 2022.
Short
by SwingingPrime
5