GBPUSD Is still bullish due to the continuous break of structures to the upside however, It has tapped into a nice supply which I expect to cause a correction back down to a demand level at 1.225500. This is an opportunity I will be looking to take soon as market opens therefore, I will be waiting for a CHOCH to validate my Wyckoff distrubution and I will be waiting for a sweep of the asian high before I consider imminent sell positions.
As price is currently In a clean 15hr supply that has caused a BOS to the downside, I would be expecting price to have some sort of reaction, hence why I am anticipating a pull back so we can end up continuing our bullish bias upwards.
My confluences for GBPUSD shorts are as follows:
- Price tapped into 15hr supply zone that broke structure to the downside.
- Overall trend of the market on the higher time Frame like (monthly) is still bearish.
- Price distributing currently pending a CHOCH to validate our sell position bias.
- Price requires a pullback of some sort due to the recent impulsive moves to the upside.
- For price to continue in its bullish trend it will need to form a correction and tap in demand.
- Price has swept lots of liquidity to the upside, enough to move the markets back down.
P.S. Even though price has entered a supply, this is just a short term trade idea in order to sell down towards a demand. This is where we will be looking to buy the market back up again in order to catch a pro trend trade. Hope you guys found this post insightful, HAPPY TRADING!
As price is currently In a clean 15hr supply that has caused a BOS to the downside, I would be expecting price to have some sort of reaction, hence why I am anticipating a pull back so we can end up continuing our bullish bias upwards.
My confluences for GBPUSD shorts are as follows:
- Price tapped into 15hr supply zone that broke structure to the downside.
- Overall trend of the market on the higher time Frame like (monthly) is still bearish.
- Price distributing currently pending a CHOCH to validate our sell position bias.
- Price requires a pullback of some sort due to the recent impulsive moves to the upside.
- For price to continue in its bullish trend it will need to form a correction and tap in demand.
- Price has swept lots of liquidity to the upside, enough to move the markets back down.
P.S. Even though price has entered a supply, this is just a short term trade idea in order to sell down towards a demand. This is where we will be looking to buy the market back up again in order to catch a pro trend trade. Hope you guys found this post insightful, HAPPY TRADING!