This pair has been treading smoothly to the upside creating higher lows whilst respecting order blocks on its way up.
We are coming to a highly liquid area in the market that will be more than likely manipulated.
We have two scenarios for GBPUSD
- We either pull back aggressively into the previous structure before purging the huge supply zone holding above...
This trade is based on various different confluences, Higher timeframe is still bearish however, on the hourly we have mitigated of nice areas of demand forming bullish orderflow. We have plenty liquidity grabs and a break of a supply zone to the upside. Finally we have re-accumulated at a trendline which indicates we are about to take retail liquidity from...
After being heavily bearish on uCAD, the time frame market structure indicates bullish momentum, check DXY for indications of strength towards USD. Wyckoff accumulation on a H4 STRUCTURAL point.
HIGH potential trade. Look for buys on 5 min order block / mitigation.
Based on higher time frame market structure, Wyckoff distribution in a point of interest, clear momentum to the downside. Monitor order block for entries and possible higher entry given in the trade idea. Mitigation on higher entry.
You will notice that I have identified a mitigation candle, this shows that price has come back and retested that 'mitigation zone'. I believe this to be a long term buy for this instrument. Lets watch and see.
Similar to the GA trade I posted yesterday, we've already hit 1 entry point on the D1 50% but I am looking to get a higher entry at 144.000 to mitigate out of the H4 open order for a big swing to the downside
We've caught the sell back down to fill the imbalance, now gearing up for another 600 pip bullish rally.
I will hold my sells as I wanted GBP pairs to drop lower before the rally but the elections had different ideas about that so we will see how this now plays out to potentiall end 2019 with a strong GBP.
Imbalances to be filled and as we do, we play institutional candle to institutional candle. This should be nice drop for the next 2 weeks if it does play out
New trading week, same goals, better results!
As always... PATIENCE - CONFIRMATION - ENTRY - PROFIT
Trade Type: Position/Swing
EURAUD is approaching the area where there was the huge manipulation at the beginning of the year to mitigate. A lot of people are in sells currently which makes the market more likely to push up to take them out, before a long term bearish run. AUD news approaching and I expect AUD to temporarily spike...