26 Apr '21: GBPUSD Entry (1D)
Updated
The daily candle forming up rejected off a zone I was watching. To keep moving up on this run, price would have had to breakthrough and then clear this zone. However, I am still bullish, looking at the long-term weekly trend and a final target around 1.43. Looking for a re-entry in the zones indicated. SL also is noted. Of interest is a S/R line on the Stoch which may indicate the bounce and is turning up. I am hoping for an entry under 1.38 in the next couple of days before another big step up. Looking for an eventual B/R of 1.39901 this week or next to confirm trend continuation.
Note
This one broke down hard on 30Apr, and stopped exactly where I called it (low: 0.00006 above the top of Zone #2; close: 0.00003 above the bottom of Zone #1), though the entry took more than a couple of days. There's reason to believe DXY could run further, especially on the monthly time frame. A fresh entry at this point might do best by wick hunting for an entry on lower time frames and/or raising of the SL to ~1.379 to guard against a break in the weekly trend that has carried GBPUSD for months. The short-term target may need to tighten up, too, to the neighborhood of the monthly S/R at ~1.39117.Will assess DXY before the new week starts.
Trade closed manually
Have had a better time with this one so far than my USDCAD call, though the USDCAD call is newer, and may still play out. DXY appears to be getting flagged up for a pump, which could lead to a break down from or push through the weekly trend line. Over the past four days or so, this call has played out almost perfectly.Note
Those momentum bounces have played out as expected on the Stoch.
Note
Exactly two weeks after the call, the anticipated breakout: Note
Looks like the break down from the last distribution also nixed the weekly trend here, too. Time to reassess what the bears are doing!
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