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Orderblocks

GBPUSD - Join The Sellers ⬇️Good morning traders, welcome to a new trading week! Today is a Bank Holiday in the UK so I will not be trading the London session due to a lack of liquidity and higher spreads. However, I have marked out exactly what I would like to see in the NY session with the assistance of the PMI data release at 15:00 GMT +1. If we can locate sells at the main supply, we could ride the wave down as shown in the monthly cycle post above. Friday was a weak buying day for GBPUSD, I interpret this as sellers not taking profits and still holding on to their swing sells which in could result in more downside to begin the week. From a psychological standpoint, Monday tends to be the day where losing traders from last week jump in and try again because they have had the weekend to forget their poor decisions. For this reason, I will only be looking for sells today, avoid the herd mentality and trade into their stop losses. Updates to follow shortly ⬇️
Short
by AlkalineFX
21
$APE - BoS on 4HR -Long at Order Block *SMT**SMT = Smart Money Theory = everything you think that is not retail related to trading. First, SMT does not believe that triangles, wedges , trendlines , channels, harmonics, etc. has any effect on how price reacts. I'm Sorry but you won't convince me that Bitcoin knows it has created a triangle and that it knows how to react from that? It does and will remembers price levels, that's it. The second is to recognize that the price is not random, it is set by an algorithm controlled by those that control the asset. The Third thing to remember is price will move toward attacking where there is Liquidity (Equal Highs, Equasl Lows, phantom Trendlines etc.) and Balance (Fair Value Gaps, Liquidity Voids.) That's the basics. The rest is very unique in the vocabulary you need to have and the concepts that wrap around these ideas. APE has been all over the place lately. However, with Smart Money theory, we canb digest where this coin is going next. On the 1 hour time fram it looks as if this is going south. Buit larger time frames Trump smaller ones. The 4 hr time fram has a break of Structure, meaning that the 4 hour candles close higher than the previous highs close. The Wicks do not matter, the closes are what matter. And with the 4 hour closing much higher, this is a bullish sign to the chart. Therefore according to Smart Money theory, we should see a bullish move at the order block which it has just entered. the order block is the last bearish candle prior to a bullish candle that closes above it. (P.S. I Found a great indicator for Smart Money Markings. Search for "Super Order Blocks / FVG / BOS TOOLS" in the "Indicators" section and that's the indicator, you'll see they've coded exactly how I normally make my charts. I copied the code and changed a few thingas in the codie to my liking and renamed it ICT TOOLS anmd left the original authors of the code in the name) So it has entered the order block and it can go as far as the bottom, however, it really shouldn't go past the median of the body of the 4 hour bearish candle, which is where the prange box is, in all honesty. If it does it could be more bearish. I do not believe this will be the case. So I'm Longing it here and aiming for the first high just prior the bearish order block. If you don't feel comfortable with the full take profit area, I have marked 3 price points in which you should be able to safely take a little profit at each one and move your stop loss up each time you hit one of these take profit points here is the chart the the take profit price points We'll just have to wait and see if I am correct on my assessment Cheers
Long
by BodiesXWix