According to the Commitment of Traders report, Commcercial banks were start shorting the GBPUSD back around August 11-18. The price is now lower than when it was during August 11-18 which means they have profited off of those short calls back then. Just recently they started longing the GBPUSD and we saw that if we look at the build up of the lows of last week to the blast off during the London session. Looking for a retracement that I placed a fib on from the August 11-18 high's to the last week's lows and we're looking at a re-entry somewhere between 1.27290 and 1.28200. But when you're looking to end up with a couple hundred pips, hopefully between 1.3300 and 1.3400, in a few weeks, I think a one hundred pip window is a decent window to look for an entry. Usually the low of the week happens during this time so I'm taking a nap to wake up for the London session to see if I can't get a great entry on a long swing trade.
Here's the CoT for reference.
www.barchart.com/for...nical-charts/^GBPUSD
I have the opposite sentiment for EURUSD as the CoT's have been shorting that since March, and the same for EURGBP.
Here's the CoT for reference.
www.barchart.com/for...nical-charts/^GBPUSD
I have the opposite sentiment for EURUSD as the CoT's have been shorting that since March, and the same for EURGBP.
Trade active:
That Box that I drew for retracement entry was entered last night. GBP on it's way long.
Trade active:
Box Exentended
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
