Hey Guys, Ive seen a lot of confusion around GBP USD so i figured id share my analysis and take on it. The simple reason why im long on GU is due to the most recent re-accumulation, for which i believe it's purpose is to push prices up to 1.26. Anyways, Just my view of things. Happy trading and stay in the green!!
Comment
⋅
Bullish bias still valid as we are potentially re-accumulating, we can see elements of shakeout and manipulation of lows/inductions to sell, we also see elements of creek forming, so this MIGHT be a re-accumulation phase, it will be confirmed after a clear BOS to the upside. Current longs from 1.213, will continue to hold long for now.
Comment
⋅
Something like this might happen, clearing of liquidity, playing into demand zone, mitigating previous orders, and then most likely a break of structure and jump across the creek, then the re-accumulation will be confirmed and we will start the new mark up/rally. let’s see.
Comment
⋅
As expected. uncertain how the pound rate hike today will affect this tho.
Trade closed manually
⋅
closed manually. Exit: 1.23888 on 2/2/2023 Entry: 1.21315 on 9/1/2023 Total pips: 2,573 pippets Trade Duration: 24 calendar days, 18 trading days Days in consolidation: Around 14 days Trending days: 4 days ROI: 14.28 % Reason for closure: Uncertainty because of GBP interest rate news today. so decided to secure profits as the gain is good enough and it would just be unnecessary risk at this point. Next POTENTIAL set up for GBPUSD: will look for sells above 1.2660 (high of may 2022), or buys below 1.17, depending on where it goes and price action. (higher probability is further upside from here, but buying at this point or higher would be a buy placed too high, so ill be looking for sells ONLY ABOVE 1.2660 to get in where most would have stop losses, as a proper correction will be due after clearing that high, this might happen this week or 6 months down the line, so alerts are in place and will look at other pairs for now)
This is really insightful buddy. I shorted this all last week and quickly shifted bias as a new trader. No one expects it to go higher and the info on your chart really helped justify it
Hammoud8721
⋅
@oliverduncan22, Thank you bro!!! yeah i saw a lot of people shorting last week, that's why i decided to share my analysis even though it was like 8 or so days after i actually entered the position. trying to help the community out here and hopefully saved a few people from taking losses!! (also, when people don't expect the price to go higher, that's exactly when the price goes higher hahaha)
dunc1987
⋅
@Hammoud8721, I don't think I'm looking for a decent short now until it hits that optimal zone around 1.30. Daily FVG it could fill before reversing as well... I think I'll shave some off at your target too but looking for higher I reckon
dunc1987
⋅
@Hammoud8721, Oh shit I just realised you have added the same thing to your chart 😂
Hammoud8721
⋅
@oliverduncan22, hahahaha yeah!!! 1.30 would be very nice for sells!! also i expect after clearing the high of may 2022 (around 1.26700) we will most likely get a strong pull back, even if the trend continues bullish, we can probably take some counter trend shorts. Ofcourse this is just theory, we need to wait for price action to print and confirm if it wants to grab liquidity and pull back or just blast through and keep going. if you notice bro, after clearing important highs and lows, we always get a strong pull back. so that's why i'm expecting some good selling pressure to happen above 1.267
dunc1987
⋅
@Hammoud8721, How we doing brother? Pull backed deeper than I thought but I'm still long. Hopefully built up a lot of liquidity to take out higher now
Hammoud8721
⋅
@oliverduncan22, all is good bro, it’s still bullish, fed rate hike played exactly as expected but I’m not sure about the pound rate hike, let’s see what happens.