GBPUSD - Looking At Wyckoff - longs
Distribution: Wyckoff Phases - without UTAD.
Phase A to D completed perfectly. We now have Phase E. After the significant down-move, climactic action may signal the beginning of a re-distribution TR or of accumulation. (Which is basically the completion of the Wyckoff Phase)
Now we have the break of the structure. We are likely to see a re-test between 0.236 - 0. (This will be the break and retest off SOW.)
After the retest I will aim to get buys on the pullback, targeting the .5 - .618 (golden zone) if price respects that level. - Indicators leading me to take positions will be MA / SMA crossovers, bullish divergence and price action forming higher lows - higher highs.
Risk is 1.5% - SL B/E when TP1 hits.
TP 1 / 0 / 30%
TP 2 / -.25 / 40%
TP 3 / -.618 / 30%
if price is impulsive I may intentionally hold past TP3 as demand will be in full control and the markup will be obvious to everyone
News may impact the technical out look of the setup, hence why I will be waiting for sniper entries rather than rushing the play. USD is gaining strength with news fundamentals however I still feel GBP is stronger and the completion of the setup is likely.
Phase A to D completed perfectly. We now have Phase E. After the significant down-move, climactic action may signal the beginning of a re-distribution TR or of accumulation. (Which is basically the completion of the Wyckoff Phase)
Now we have the break of the structure. We are likely to see a re-test between 0.236 - 0. (This will be the break and retest off SOW.)
After the retest I will aim to get buys on the pullback, targeting the .5 - .618 (golden zone) if price respects that level. - Indicators leading me to take positions will be MA / SMA crossovers, bullish divergence and price action forming higher lows - higher highs.
Risk is 1.5% - SL B/E when TP1 hits.
TP 1 / 0 / 30%
TP 2 / -.25 / 40%
TP 3 / -.618 / 30%
if price is impulsive I may intentionally hold past TP3 as demand will be in full control and the markup will be obvious to everyone
News may impact the technical out look of the setup, hence why I will be waiting for sniper entries rather than rushing the play. USD is gaining strength with news fundamentals however I still feel GBP is stronger and the completion of the setup is likely.
Note
Bias of the play is likely to change dependent on Price Action. If price rejects off key levels or MA acts as resistance with no cross over in sight. I will be partial to taking shorts. Since its clear the subsequent rallies failed.Note
Price arrow is not a clear representation of price rather a insight into the price direction. I'm still waiting on the retest towards .236 / 0. Patience is a virtue.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.