$GBPUSD - Daily Bias Long - Pull Back to 1.30500 (SMT)
SMT = Smart Money Theory.
A lot of this can be explained in my EU Idea since both move in concert together (usually) Just GBP happens to make bigger moves. So that's why this chart is on the hour chart and the EU is on the 15 min chart. GU is looking to break the next daily low. There's a far reach for the next daily low. Price will reach the GU daily order block which looks like a breaker on the one hour chart, before then moving higher. When moving high it will reach for the next daily highs which two are almost equal. And price loves to break equal highs.
(GU DAILY CHART)
Additionally it looks as if the dollar will rise clearing highs before, hitting a bearish order block before moving lower which the opposite will occur with GU.
(DOLLAR CHART)
I've tried to look at this from a selling perspective and the only thing that makes sense is the equal lows notated in the chart with the green trend line and that's around 1.29140. But I expected that to happen a long time ago and it still hasn't happened.
And as I always state, I COULD BE COMPLETELY WRONG. What do I know, I'm just some guy that likes to post his ideas.
Good Luck and Good Trading ;)
GBPUSD
A lot of this can be explained in my EU Idea since both move in concert together (usually) Just GBP happens to make bigger moves. So that's why this chart is on the hour chart and the EU is on the 15 min chart. GU is looking to break the next daily low. There's a far reach for the next daily low. Price will reach the GU daily order block which looks like a breaker on the one hour chart, before then moving higher. When moving high it will reach for the next daily highs which two are almost equal. And price loves to break equal highs.
(GU DAILY CHART)
Additionally it looks as if the dollar will rise clearing highs before, hitting a bearish order block before moving lower which the opposite will occur with GU.
(DOLLAR CHART)
I've tried to look at this from a selling perspective and the only thing that makes sense is the equal lows notated in the chart with the green trend line and that's around 1.29140. But I expected that to happen a long time ago and it still hasn't happened.
And as I always state, I COULD BE COMPLETELY WRONG. What do I know, I'm just some guy that likes to post his ideas.
Good Luck and Good Trading ;)
GBPUSD
Comment:
Looking at the Daily chart, price pushed up into the daily Bearish order block, which should be an indicator that price should be retracing toward the suggested entry. When looking at the daily, this looks to make sense as a projectory.
Comment:
And the COT indicator which shows how commercial banks are trading this and they are net long, so be prepared to be in a position to be Net Long with them.
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
