Sure! Here's a condensed version of the format for writing trading ideas on TradingView:
1. **Title**- GBPUSD DOWN for liquidity 2. **Symbol and Timeframe**- 5 - 15 min 3. **Overview**- GBPUSD will be down to grab all the liquidity as shown
**Disclaimer*- Only my viewpoint take trades on your analysis.
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RIsk Reward - 1:3
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Retest Done - 1 more confirmation
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There is a support zone now, so we can bring the SL to cost-to-cost at our entry point and wait for the price to break the zone 1.23674-1.23660
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To get an update on the above zone in 15 min time frame, on 30 may at 8:15 Am there is a ghost candle that is the zone which is giving us the resistance.
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2nd confirmation
Referring to its cross-currency pair USDJPY I see a short uptrend as there is a W pattern formation now
Time period - 31 May 9:45 to 12:45
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Following next candle be decider candle for our trade
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Buyers are weak now price is trying to break the resistance zone. There is another resistance zone below before the liquidity zone this resistance zone has already taken 3 Stoploss hunts on 30 May - 2:30 AM, 5:30 AM, and 9:05 AM, this coming zone can be tough to break.
So trailing the SL is good option.
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3rd confirmation
On a lower time frame market is trying to take SL from recent orders from both the buy and sell sides.
As its spiking prices at 5 min time frame
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New resistance zone (1.23468-1.23415) Hint: Trailing SL
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Hurray! More than 50% journey was completed.
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Thinking to exit 50% quantity at 1.23500
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This 1 hr candle must close below - 1.23583 in red
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4th confirmation
This 1 hr candle closed below - 1.23583 in red, 50% quantity closed trailing rest
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This 15 min candle is taking recent orders SL
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Placing small sell order as the last 15 min candles hit the stop losses, high of the last 15 candles would be my sl this will be a risky trade
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Price is at the zone of retracement, thinking of adding small position on sell-side with tight stop-loss.
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1.23500 the price has given a quite a support level for buyers
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This 15 min candle 15:15 would be a deciding trend candle
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There is a W pattern formation in 15 min time frame this can be a reversal, confused!
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Sl at 1.23790 trailing remaining trades. We still have a resistance zone we cannot fight with the market so we will hold for the last moment now zone: 1.23720 - 1.23760
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Price currently is at fib retracement level at 1Hr time frame also got a liquidity zone even 1.23787-1.23749, might see a big selling or stop-loss Hunt
Soon will see the price dropping.
Come on Sellers!😁😁
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Confirmation: I can see 15 min time frame Parallel down the channel.
Hi. Like your idea. Obviously I am not sure, but I believe this is not a reversal. I think upon closure of this 4h bar, the price "should" go down. I don't want to sway your decision. Just my 2 cents. I am also open in short positions. Hopefully it continues to drop. Good luck.
KrishB20
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@esgou, Yup agree the price got a liquidity zone even 1.23787-1.23749, might see a big selling or stop-loss Hunt