GBPUSD is bearish on HTF.
Last few weeks/months we have seen GU taking out last swing low which was a realignment with swing structure then correctively pushed to the down side until previous POI was mitigated and took LQ of the previous LQ-Trap. Then we saw bullish moves initiating the pull back phase.
That's when we highlighted our internal swing points to lock the market within and identify valid POI-IMB. Market did make a full pull back to mitigate our IMB then sudden bearish moves kicked in, we have seen LTF-CH and market wicking below last low (as explained on the charts our valid BOS is defined by candlestick close) anything else becomes LQ sweep. So after LQ sweep market formed LTF-CH which was against swing structure (Unalignment) to test the MTF POI highlighted and from there we saw slight-volatility from the market which lead to Re-alignment of swing structure.
Though the trade might seem clean and clear proper risk management has to be in place, we risked ~30pips on this trade. (Not betting my life on this one due to the unclear LQ sweep of the last HL)
Trade will be closely monitored during Pre-market open.
Provoking thought: the market still has room to the upside, potential even use our POIs to take LQ. But with DXY showing bullish sentiment this week, there's a higher probability of our analysis. What do you Think?
Last few weeks/months we have seen GU taking out last swing low which was a realignment with swing structure then correctively pushed to the down side until previous POI was mitigated and took LQ of the previous LQ-Trap. Then we saw bullish moves initiating the pull back phase.
That's when we highlighted our internal swing points to lock the market within and identify valid POI-IMB. Market did make a full pull back to mitigate our IMB then sudden bearish moves kicked in, we have seen LTF-CH and market wicking below last low (as explained on the charts our valid BOS is defined by candlestick close) anything else becomes LQ sweep. So after LQ sweep market formed LTF-CH which was against swing structure (Unalignment) to test the MTF POI highlighted and from there we saw slight-volatility from the market which lead to Re-alignment of swing structure.
Though the trade might seem clean and clear proper risk management has to be in place, we risked ~30pips on this trade. (Not betting my life on this one due to the unclear LQ sweep of the last HL)
Trade will be closely monitored during Pre-market open.
Provoking thought: the market still has room to the upside, potential even use our POIs to take LQ. But with DXY showing bullish sentiment this week, there's a higher probability of our analysis. What do you Think?