zzzztrader

GBPUSD setting up for a short squeeze.

FX:GBPUSD   British Pound / U.S. Dollar
1.4050 looks likely to be the last area of support before a short squeeze sending GU higher toward 1.43.

On the H1, previous levels of resistance is consistently providing support. Has happened a number of times that I have indicated on our chart.

Trend is up and pull backs are becoming smaller suggesting a squeeze on the cards.

Daily Chart MA's are lagging, might consolidate for a day or 2 before extending higher.

Comments

your chart looks like spider webs all over the place 😂😂
+2 Reply
Would you get in on retest after broken trendline?
+2 Reply
zzzztrader Wicktator
@Wicktator, I use a much more systematic approach with my trading. my entries will always be on a breakout of a level so it will depend on the location of the level. it could be near the retest of this TCL resistance, but if it's not i will be entering anyway. for this chart i would get long on a break of 1.41.

from purely a price action point of view. i think we test either 1.4050 or 1.4030, so if i was short i would exit around these areas.

Powell testimony later on, so i don't believe the fireworks will be happening today, unless it's after this event.

have a good one.
+1 Reply
Wicktator zzzztrader
@zzzztrader, that was really helpful. I’m trying to make a systematic approaching to my trading and really liking the retest method.

Yeah it’ll probably be slow until then. Looking forward to seeing how this one plays out. GBP seems super extended at the moment.

Thank you! 😴 💤
+1 Reply
zzzztrader Wicktator
@Wicktator, anytime!

I agree about GBP, i think we consolidate here for a day or 2 and let the MA's catch up.

have a good one.
Reply
Great stuff brother!
+1 Reply
when do you suggest we get in?
+1 Reply
zzzztrader Martingold
@Martingold, hi, all depends on price action if we see pull back to 1.4050 - 1.4030 area.

FYI - my trading style is purely systematic and based on signals and reading PA. However, i also like to try and gauge which areas the markets respect, then apply my analysis and use these levels for stop losses and targets.

hope that helps.
Reply
Brother continue to do beautiful work
Reply
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