GBPUSD Next Week Trades
Updated
These are the three trades that I will be looking to take next week.
Trade #1
2.93:1 short trade to 1h demand zone.
Price has aggresively rejected from the 4h LH and has also formed relative equal highs (this is important for the third and final trade). I am expecting price to push down to the 1h POI (trade #2) which is also below equal lows. If price pulls back up into the 1h POI then I will look for a short entry on the lower time frames.
Trade #2
3.8:1 long trade to 1h POI above relative equal highs.
The relative equal highs mean that above them is liquidity. I am expecting price to push up above these highs to then carry on moving down. I will look for long entries on the lower time frames after price has reached this zone.
Trade #3
9.32:1 short to daily POI
This is the main trade of the week. I expect price to carry on with its down trend until it reaches the daily POI (target). If price sweeps the relative equal highs and enters this zone I will look for short entry opportunities to continue with the higher time frame trends.
These three trades equal 16.05% potential returns. Like this post and follow to keep updated throughout next weeks trading.
Trade #1
2.93:1 short trade to 1h demand zone.
Price has aggresively rejected from the 4h LH and has also formed relative equal highs (this is important for the third and final trade). I am expecting price to push down to the 1h POI (trade #2) which is also below equal lows. If price pulls back up into the 1h POI then I will look for a short entry on the lower time frames.
Trade #2
3.8:1 long trade to 1h POI above relative equal highs.
The relative equal highs mean that above them is liquidity. I am expecting price to push up above these highs to then carry on moving down. I will look for long entries on the lower time frames after price has reached this zone.
Trade #3
9.32:1 short to daily POI
This is the main trade of the week. I expect price to carry on with its down trend until it reaches the daily POI (target). If price sweeps the relative equal highs and enters this zone I will look for short entry opportunities to continue with the higher time frame trends.
These three trades equal 16.05% potential returns. Like this post and follow to keep updated throughout next weeks trading.
Note
A new equal low was formed at the 5:00 candle on the hourly chart so I am still expecting price to push down into the 1h demand zone at 1.2933 before taking out highs and continuing the down trend. I am not a fan of this current impulse up and am not looking for long trades off it.Note
Price has reached the first area of interest. I'm looking at the 2m chart for signs of a reversal to enter a short trade.Note
The market has started showing signs of reversal on the 5m. I will short when price pushes back into 5m supply zone around 11:00 candle.Trade active
Price has pulled back into 5m supply zone. This is a higher risk trade as I am expecting price to still push higher but after liquidity has swept equal lows. This short is 5.96:1 riskTrade closed: stop reached
Price pushed up past the SL. Looking for a reversal of structure again to enter short trade still targetting 1h demand zone.Trade active
Price has rallied straight up into the 1h supply zone. I have one entry on the entry of the zone, another entry on the 8:30 candle 24th October on the 30m chart and I will be looking for more short term trading opportunities as we move down.Note
The first 1h short is 7.67:1
The 30m short is 10.02:1
So risking 2% with a potential 17% profit. With the loss I took earlier today that's potential profit of 16% for the week.
Note
Strong rejection from the 1h supply zone just above the equal highs (2 pips into the zone!). Unfortunately it doesn't look like the 30m supply zone will be reached.
Break of the 1h structure giving more confidence in this short idea. Alongside this break of the structure, there is now a new supply zone (on the 30m chart) along with equal highs just below this zone (on the 10m chart). Looking to short from the 15:00 candle (30m chart again) to add to the short position.
Target is again the 1d demand zone at 1.28720 with the SL just above the 14:00 1h high (this is an aggresive SL, a safer one is above the 1h supply zone) with a RR of 8.75:1. The two trades together come out at just over 16:2.
Trade active
Price has taken out the equal highs and pulled back into the 30m supply zone so I have added to my short position with another entry. SL is above the 14:00 1h high candle from yesterday making this trade 8.75:1.Trade closed: stop reached
Price has pushed back in to the 1h supply zone stopping out the above 30m short. If price pushes into the 30m supply zone inside of the main 1h supply area then there will be another short entry opportunity. So far this week I am at -2%.Trade active
Price has reached up into the 30m supply zone within the 1h supply zone. This is initally a trade that I wanted to take. SL is in the same place as the 1h entry making this trade 10:1.Trade closed: stop reached
Price pushed through 1h supply zone triggering stops
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