REASONS TO GO LONG:
MY Bias is long for this pair Because of the stop raid made today of the lows made on the 9th
My Set Up;
Just look at my chart and see my breaker order block and low of the day. First is the break of the breaker then a sweep of the lows then it hit the order block that was yur first entry, your second entry would ethier be retracement to the...
Analysis for long positions :
Before i explain the set up il explain my bias; The reason im neutral till my set up plays out is because if you see on the 4h there was a stop raid into an order block which then lead to a double top sort of. now this was a good time to go short but if you follow my mentor we know that liquidity rests above double tops and bottoms....
reasons to Sell:
After a range bound market price stop raided the equal highs made, and went short, it then made a market structure break on the daily, i expect a return to origin before price shorts. So Yes theres a long opportunity but i would rather wait for the sweet short coming up after. Shaded boxs are a breaker and an order block. THATS PLAN A. PLAN B...
REASONS TO BUY: It really does look like a short to me, fridays low took out the previous days low and closed above the Stop raid level. ICT (my mentor) has a thing about equal highs and if you notice we have equal highs made this week, definitely has stops resting above it and price should raid them and reach the shaded box area which is a 4H order block which...
REASONS TO WAIT FOR SIGNAL: On the last day of trading last week gbp cleared thursdays highs then went short but couldnt take out any lows formed previously. This is why i am currently neutral with my Bias im waiting for the lows to get raided or broken, a break would constitute longs whilst a break would mean more shorts to come. We got to wait for the market...
Reasons for selling: After NFP which went long to take out the previous days highs to make its weekly high, price closed below the stop raid level this is a clear indication that the market is poised to go short next week, expect a retracement to the 70% level or 79% level then short to break the lows and meet the 4H order block before longs activate.
In my analysis i see a very good oppurtunity to long.
1. Break of falling wedge pattern
2.Elliot wave, 4th wave
3. Corrective structure with abc pattern
4.retest of of wedge
5. Retest of suppport
you could wait for the break of th corrective structure or take the long from the restest i advise you wait for the break happy trading everyone