what's good, hope you guys are well and risking responsibly.
stick to your plan!!
you got this Kings and Queens.
ok so, taking a long, I do think this is the 3rd wave up, I waited patiently for a good entry to the low.
price has been moving not the way I wanted for this move up but lets see it play out, its a probabilities game.
as always risk 1%.
I will be taking this short, slight corrective structure then we should see some further downside.
I do predict this move to be fairly big since there is a lot of liquidity to the downside.
there's been a couple fake outs to the upside but now we have the confluence of the macd in play. last impulse was a 60 pip move therefore we will be going for this profit target.
- break of channel
- Break of 0.7260 support level for liquidity grab
- bouncing off 4HR support level
I have already entered this trade just based off a 1 hourly break of descending wedge.
To confirm a good risk to reward however I have waited for the candle formation of 14:15 and 14:30, once I have seen this inside bar form just under 1.30330 where I believe was meant to be a support. We just swept under to collect some liquidity to then move up.
Trade is now BE.
In my personal opinion I believe we may see a push up in EJ, We have had our spike down to take out 0 level.
Looking at the formation of candles we can see on 1hr a very nice doji.
I expect to see a push up now. This is a corrective structure as part of a bigger wave, therefore as part of the bigger wave we want to see an impulsive move.
we can see a break of channel and now a retracement into a double top formation. Wait for nice price action to play out before entering, I will look to enter if market shows me some doji candles otherwise if price breaks this top level to gain some liquidity and then comes back to entry level I will short this monster and take it to the lake.
I will be looking to take longs. I will also get back in if my SL is hit, I will re enter as a BUY STOP if price comes back to these entries. I will then put SL to the previous new low that is created, this often occurs as the market dips down to pick up liquidity to then move on up, very common with EURUSD. If price does not hit my level and goes up without me......
I have seen GBPAUD consolidate for a while now, however I think we are happy to continue to the upside. a retracement is due before pushing higher.
Ideally I would like the Pair to come down to .618 for long set ups.
If it does not get to this level we will look in future to buy.
We have seen GBPUSD break out of the wedge now pulling back to go short
I can also see that there was a fair amount of volume which was created at 0.382 fib level
I am also aware of the New potential trend to the downside.
I am now sell Bias on EURUSD unless price breaks above 1.3840
Reason for Sell is due to multiple confluences.
I do not Post All my trades on Tradingview,
TIP: Probability is how you win the game not one single trade or a few but many over a wide span of time, see if you are down on the month as...