I am looking for sell opportunities in GBP/USD. Recently, the price dropped and broke structure to the downside, indicating a bearish trend. To capitalize on this move, I expect a retracement back to our marked points of interest (POIs).
Once the price retraces to these POIs, I'll be watching for a Wyckoff distribution pattern on the lower time frame to initiate sell positions. There’s significant liquidity below, making this a pro-trend idea that aligns with my bullish dollar bias.
Confluences for GU Sells:
Trend Formation: Price is forming lower lows and lower highs.
Supply Zone: A 5-hour supply zone caused the recent break of structure.
Liquidity: Significant liquidity below in the form of trend lines and Asia lows.
Dollar Strength: DXY (Dollar) is bullish on the higher time frame, supporting this pro-trend trade idea.
P.S. If the price continues to drop without tapping into my supply zone, I will wait for it to reach the 17-hour demand zone and look for buy opportunities back up. However, I am more inclined toward sell positions.
Once the price retraces to these POIs, I'll be watching for a Wyckoff distribution pattern on the lower time frame to initiate sell positions. There’s significant liquidity below, making this a pro-trend idea that aligns with my bullish dollar bias.
Confluences for GU Sells:
Trend Formation: Price is forming lower lows and lower highs.
Supply Zone: A 5-hour supply zone caused the recent break of structure.
Liquidity: Significant liquidity below in the form of trend lines and Asia lows.
Dollar Strength: DXY (Dollar) is bullish on the higher time frame, supporting this pro-trend trade idea.
P.S. If the price continues to drop without tapping into my supply zone, I will wait for it to reach the 17-hour demand zone and look for buy opportunities back up. However, I am more inclined toward sell positions.
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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.