HamzaLeith
Long

GBPUSD LONG SETUP

FX:GBPUSD   British Pound/U.S. Dollar
463 12 5
Price reached the lower quartile of a schiff pitchfork (dating back to nov 2013             ) and couldn't close beneath it. Standard and custom (slower) MACD are going up (on 4hr chart). I think the price will reach at least the median line (red line) and probably retest the upper quartile forming a double top . Good Luck
Guys I wanted to show you something very typical of the use of bollinger bands. It is called a head fake. After the squeeze of the bollinger bands a breakout always occurs. However what is very characteristic with bollinger bands is that many times trades get "tricked" regarding the direction of the breakout by something called a Head Fake. I think we are witnessing one of these right now with the GBPUSD. Take a look at a chart and let me know when you don't understand what I mean. Cheers
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Timing is key HamzaLeith
I agree, looks like a fake-out/stop run. I used different forks challenging the previous high on your daily. This is an interesting play!

GBPUSD 240 Idea - Explosive move to the upside?
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HamzaLeith Timing is key
Thank you for the input, always nice to have a bit of outside confirmation! cheers
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Timing is key HamzaLeith
Sure, pleased to reply,

Smart money always does this, catches all the breakout traders as well all those juicy stops just sitting under/over the previous high/low......Most of the time the fake-out bar lands on or very close to my timing points but your example on the bollingers is another way of identifying the same. This setup blew out of the block's as expected even dropped in a pin bar ( to the tick!) on the intersection of the lower purple parallel & upper blue parallel, time will tell if it plays out to our targets.

TIK

PS: I will add you to my followers,

great charts.....keepm coming:)
+1 Reply
HamzaLeith Timing is key
You are so right man, I just don't understand where this convention of FLAT support resistance came from, I am guessing from these very same smart money educational seminars, I am always intrigued when two seemingly different technical analyses lead to the same outcome. Regarding the bollingers, although they yield head fakes all the time, I am trying to distinguish these by using volume based indicators on other charting packages, since we all know momentum indicators suck during these situations. Too bad volume is not "exposed" in forex on Trading View. I will be glad to follow your idea's!! Although I might bother you asking about your techniques sometimes, coz they seem more advanced than mine..Cheers
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Breakout imminent, in addition to the indicators shown here I see decent positive Chaikin money flow (volume based).
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HamzaLeith HamzaLeith
I will only close the long position after a close below 1.67024. This movement reeks of a head fake to me!!. The BB width is not even reacting to it.
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HamzaLeith HamzaLeith
stops moved to 1.662
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HamzaLeith HamzaLeith
snapshot
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Timing is key HamzaLeith
Hi, you may be right looks like manipulation with spike bar & immediate rejection, the last 3 bars are copybook reversal pattern & market is now sitting above major 50% support. My timing line V10 was 1 bar early for the Minor top, but if this top is taken out it's to the median line we go:) conversly if P5 bottom is taken out it's all over red rover......either way I anticipate a BIG move
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HamzaLeith Timing is key
Yes it is mind boggling, the markit composit data came right at that very same candle and pushed the price back up. I think the decline took place only to increase the RR ratio for those expecting (or already knowing :P) that the data is positive!
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HamzaLeith HamzaLeith
did the real breakout begin??? GO BULLSSS
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