Hey Guys,
Ive seen a lot of confusion around GBP USD so i figured id share my analysis and take on it.
The simple reason why im long on GU is due to the most recent re-accumulation, for which i believe it's purpose is to push prices up to 1.26.
Anyways, Just my view of things.
Happy trading and stay in the green!!
Ive seen a lot of confusion around GBP USD so i figured id share my analysis and take on it.
The simple reason why im long on GU is due to the most recent re-accumulation, for which i believe it's purpose is to push prices up to 1.26.
Anyways, Just my view of things.
Happy trading and stay in the green!!
Comment:
Bullish bias still valid as we are potentially re-accumulating, we can see elements of shakeout and manipulation of lows/inductions to sell, we also see elements of creek forming, so this MIGHT be a re-accumulation phase, it will be confirmed after a clear BOS to the upside. Current longs from 1.213, will continue to hold long for now.
Comment:
Something like this might happen, clearing of liquidity, playing into demand zone, mitigating previous orders, and then most likely a break of structure and jump across the creek, then the re-accumulation will be confirmed and we will start the new mark up/rally. let’s see.
Comment:
As expected. uncertain how the pound rate hike today will affect this tho.
Trade closed manually:
closed manually.
Exit: 1.23888 on 2/2/2023
Entry: 1.21315 on 9/1/2023
Total pips: 2,573 pippets
Trade Duration: 24 calendar days, 18 trading days
Days in consolidation: Around 14 days
Trending days: 4 days
ROI: 14.28 %
Reason for closure: Uncertainty because of GBP interest rate news today. so decided to secure profits as the gain is good enough and it would just be unnecessary risk at this point.
Next POTENTIAL set up for GBPUSD: will look for sells above 1.2660 (high of may 2022), or buys below 1.17, depending on where it goes and price action. (higher probability is further upside from here, but buying at this point or higher would be a buy placed too high, so ill be looking for sells ONLY ABOVE 1.2660 to get in where most would have stop losses, as a proper correction will be due after clearing that high, this might happen this week or 6 months down the line, so alerts are in place and will look at other pairs for now)
Exit: 1.23888 on 2/2/2023
Entry: 1.21315 on 9/1/2023
Total pips: 2,573 pippets
Trade Duration: 24 calendar days, 18 trading days
Days in consolidation: Around 14 days
Trending days: 4 days
ROI: 14.28 %
Reason for closure: Uncertainty because of GBP interest rate news today. so decided to secure profits as the gain is good enough and it would just be unnecessary risk at this point.
Next POTENTIAL set up for GBPUSD: will look for sells above 1.2660 (high of may 2022), or buys below 1.17, depending on where it goes and price action. (higher probability is further upside from here, but buying at this point or higher would be a buy placed too high, so ill be looking for sells ONLY ABOVE 1.2660 to get in where most would have stop losses, as a proper correction will be due after clearing that high, this might happen this week or 6 months down the line, so alerts are in place and will look at other pairs for now)