Chose to cancel my initial entry at the 75% retracement however manually entered at market open for the week. Reasons for entering trade price retraced to my 75% level. Price was in a demand area
The trade is currently going well.
I bought due to the retracement to the 75% level on the Fibonacci.
Technically was also in a « good » buying area on both the Daily and the 4H
Update on GU from prior shared Idea.
Up a further 60 pips at 1.27100 from first shared at 1.26462.
However with my thought process/current outlook being DXY going up may/should negatively impact my GU and EU buys.
On the weekly price is bullish
On the Daily timeframe price is also bullish
On the 4H price is currently bearish due to the retracement to the 75% of the Fibonacci.
If the DXY goes up so should the USD pairs
I’ve got UCAD and UJ buys with EURUSD and GBPUSD sells.
Not ideal as I like to be aligned cross all pairs however the technicals and fundamental regarding GU...
Prior GU losses/attenpts kept on the chart. If buy side continues losses will be recovered.Wary because the DXY is in an area where I’d look for buys. If the DXY goes up so does the dollar and if the dollar goes up. My GU buy doesn’t end so great.
USD/MXN buys attempt 2
Viewing my previous loss as a potential liquidity grab.
Structurally overtime price is in an uptrend from all time to now.
Looking for price to fill the massive wick to the upside.
Lower probably trade(could wait for confirmation if price changes character to the upside round 17.03850.
Also bought USD/ZAR
Second attempt at GBP/USD sells.
Higher time frame is extremely bearish.
Price was near a supply zone on the weekly, daily and 4H.
Long as the high impact news coming on Thursday is green we should continue heading downwards.
My GBP/USD analysis: Monthly chart we are tanking however we are at a bullish orderblock(OB)
Weekly look left and there's just a massive drop.
Daily candle rejection at supply zone/respected the high.
4h a few changes of character to the downside(CHoCH)
Currently in a few USD sells NZD/USD EUR/USD and now GBP/USD but with the upcoming news FOMC and NFP--kinda nervous
