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GBP USD PRE NY SESSION ANALYSIS (LONG?)Today is one of those days gbp is going to test your patience. I say that because in the beginning of the NY session we see a lot of rapid moves and reversals from the 2 levels i have marked on my chart. Lets dive in a bit: So first off, we are going to establish the commanding trend right now and believe it or not, that trend is upwards transitioning to sideways. This is because we broke the downtrend with strong upwards movement. This being said allows us to be more favored towards longs ONLY IF we see supporting price action to our set ups. LONGS: So if i want to enter a long, i need to see a bounce at the bottom level with strong upward momentum... it can be difficult to judge this rapid movement provided by the pair so im probably going to wait for a more structured move and let the pair loose a little bit of volatility to minimize risk. If we bounce on bottom, we can potentially rise back to the resistance and hope to see a break of said resistance and ONLY then will entering a long be less risky. SHORTS: As for entering shorts, if we see that price is pushing much harder to the downside we can prepare to enter a short, eventually hoping to break the support, retest it, OR have a strong bearish candle close below the support followed by another strong bearish candle. Im essentially waiting for price to become more structured to take a position, although we can scalp the chart either direction in this price channel, it is far more risky to do that since this pair likes to make sharp moves especially at this time of the session. Trade safe Snipers, Like the IDEA if it makes some sense or if you appreciate my analysis; i really appreciate the support guys :)
by fastboiijd
GBPUSD NY SESSION PLANS (NEUTRAL)Yeppp, another neutral, simply because this session in the morning was very undecided. Strong push up in the early morning, followed by a strong drop that lasted till maybe 3pm (ET)... That all being said, im more expectant of a short simply because the commanding trend on the 1H is downward (the dark red arrow) If a short were to form, we must wait for a break and a retest at the marked lower level. In somehow the buyers overpower the sellers, we will see a strong shoot up, maybe until we hit the top and have a bit of rejection. If going long i need to see a confirmation within the candlesticks (hammer, engulfing... ect) as well a s a break and a rest, simply because we have been selling so strongly the last few days. All this analysis being said, i hope you guys find my set ups useful, im working day by day to become the best trader i can be, and i appreciate all the likes and follows. Trade safe Snipers.
by fastboiijd
GBPUSD NY SESSION PLANS (NEUTRAL)Neutral? Yes neutral, and the reason why is quite simple. Follow me: So as we can see, price has tried (and succeeded) in breaking below the support we are currently faced with, however, buyers were strong enough to push price back up above the said level. Now what im waiting on is for price action to give me more clues about the pair's next move. Id be more in favor of a short simply because of the fact that the commanding trend as of now is downwards. If we were to see a long forming, i want to see some liquidity being built up so the pair has enough power to push up, following roughly the path i have traced out. However, if we were to see a short on this, we would need to see a break-out candle or something of the sort, its going to make itself apparent first, stop out all the buyers and take stops before it gets to push all the way down to that lower wick created by the hourly candle where my red path is marked Either way, we must be patient and allow the market to enter our crosshairs, then we can execute trades like snipers. Happy trading guys, and dont forget to follow me for more gbp usd ideas. I post maybe 2-3 times a day since im an intraday trader. Love you guys :P
by fastboiijd
GBP USD INTRADAY LOOK (IDEAS)Ok while im day trading i notice gbpusd is approaching a fairly major support level. Im waiting for either a bounce on this support to catch a little reversal action, or see the price break and retest the level to convert it to a resistance level. Im more in favor of a reversal since we have dropped a long way in price and theres a lot of built up liquidity on upper levels. But regardless, we are just going to have to wait. Stay up to date on my channel, hit the follow to keep up w my day trade ideas everyday.
Long
by fastboiijd
GBP USD PRE NY SESSION ANALYSIS (SHORT)Ok so from what I am seeing, it looks as we will be going short for the beginning of the week. Ill explain below: as we saw last week, gbp tested the upper resistance multiple times and has gotten rejected each of those times. For a short position, i need to see gbp hit the top resistance once more and get rejected, obviously waiting for confirmations from the candle sticks. Price action is all you need to pay attention to. But indicator wise, the stochiastic on the 15M chart is oversold so there could be a short to scalp pretty soo. HOWEVER, if we break past that top resistance, i want to see a break and a retest of the top level, and i will have no problem going long. If you guys found this idea useful go ahead and like it so i know to make more. Trade safe yall, i will be posting more soon
Short
by fastboiijd
GBPUSD NEXT SESSION IDEAS (Long)Ok so gbp was acting up today not gonna lie, but thats ok ,we gonna make our pips regardless. My idea is more on the long side although i have a set up for either side; heres why: ] - Had a massive push upwards this morning - Price is being supported at the lower level i have marked - Price has been stubborn to go down today, yet when it moves up it shoots up - MACD and Stochiastics are nearing confirmation zones if not hit already (crossover on MACD lower level, and Stochiastic in oversold conditions down below. I would like to see price bounce from that bottom level to the target i have place above, however if price breaks this support, we can safely assume the move will only continue downwards since we are at relatively high price for this short term period
Long
by fastboiijd