This is a follow-up video to my previous analysis on the GBPUSD where we close the week with over 300pips profit (see link below for reference purposes). Since the price tested the $1.14000 area during the latter part of last week, we observed selling pressure which gives us a clue into the strength of the sellers at this juncture in the market. Despite expecting selling opportunities in the new week, I will keep an open mind as a possible bullish continuation is very possible from this juncture in the market.
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So, since the beginning of the week price has been trading with the channel $1.1110/1.01500 and it is appropriate to remain patient for a signal of where the price might be heading during the phase of this week.
Good morning.
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The current structure insinuates that a breakdown/retest of the $1.10500 might be happening anytime soon as selling pressure increases within the channel. If the selling momentum begins, the TP target will be within the buy zone identified in the video.
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UPDATE
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With 60pips in profit as the price continues to move as expected.
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Taken out at break even on the previous position. Re-entry triggered and moving stop-loss to secure position.
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Now that the current position is secured, Let's see if the market is going to allow a second chance of entry to take advantage of this bearish move and if that happens then adding another position will be sensible at retest/rejection of structure.
Good morning
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Price action accelerates back into the entry zone which is also within the sell window that shares a confluence with the trendline on the chart. Looking out for structures in the lower time frame that supports a trend continuation to the downside for selling opportunities.
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UPDATE
Trade closed: stop reached
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Taken out of position in a loss but I still think that below the $1.10650 level still has the potential for selling opportunities.
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In the last 12 hours, the price remains within the sell window identified hence the selling bias still remains valid as long as the price breakdown/retest the $1.10650 level. However, if a breakout of the $1.11100 level to the upside happens then will have to wait for the price to come within the $1.12000/1.13500 zone to take on a sell. See my live studio session uploaded on youtub channel for further explanation.
Good morning
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As projected, a breakout of the $1.11100 level finally happened. Could this be a bullish signal? Remember that we have a selling window at around the $1.14000 zone in the video; if structures within this area evolve into a reversal pattern, I will look forward to selling from this area. Let's see what happens as price action is being monitored.
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UPDATE We begin to see the rejection of the sell window... Update coming soon
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So, in the 15-minute timeframe, we have a structure at the $1.11700 area where we can look for selling opportunities at breakdown/retest.
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The previous set up negated as price action continues to the upside. I will continue to watch how price action is going to relate to the current structure as the price remains within the sell window.
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Price action is still within the sell window and it appears that we have a reversal pattern inside this zone.
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Securing position
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UPDATE:
Over 100pips in profit
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Over 100pips in profit; securing position
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UPDATE
175 pips in profit as the price breaks down the $1.12000 level; Let's see if the market will present another opportunity to add position at retest of the structure broken.
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Please move your stop loss to a desired TP target as it appears the Greenback is losing value
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UPDATE
retest of $1.12000 incites a continuation
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Getting out... as it appears the Greenback is about to drop. Done for the week