GBPUSD - WC 20/07/2020 - Short Idea
Updated
Hi! Welcome to my page! If you're new here, my analysis is primarily based on 'Smart Money' concepts. I search for where the liquidity is, where imbalances/gaps in price are and institutional candle sticks.
GU has been showing signs of weakness the past two weeks. Since respecting 1.265 price has been stepping down creating lower highs and lower lows. At current price, an institutional buy-to-sell candle can be identified clearly on the 30m time frame at 1.2606 which would has been marked for entry for a Short position. Sl at 1.2626 above the previous high. TP1 would be the double bottoms at 1.25136. TP2 would look down to 1.23837 and TP3 at 1.23016.
If you intend to take this idea, remember correct risk management. 1-3% risk per trade.
Let me know if you do choose to take this.
Harry
GU has been showing signs of weakness the past two weeks. Since respecting 1.265 price has been stepping down creating lower highs and lower lows. At current price, an institutional buy-to-sell candle can be identified clearly on the 30m time frame at 1.2606 which would has been marked for entry for a Short position. Sl at 1.2626 above the previous high. TP1 would be the double bottoms at 1.25136. TP2 would look down to 1.23837 and TP3 at 1.23016.
If you intend to take this idea, remember correct risk management. 1-3% risk per trade.
Let me know if you do choose to take this.
Harry
Trade closed: stop reached
Unfortunately this did not play out. Stronger fundamentals were at play here as price rocketed past the identified price reversal zone. With today's strong bullish momentum, we can see imbalance in the market which will need to be filled in so I do still see price dropping. Where? Will have to wait for some bearish momentum.
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