$GBPUSD - Sterling Needs More Attractive Price for Buyers *SMT*
Updated
*SMT* = Smart Money Theory = everything you think that is not retail related to trading. First, SMT does not believe that triangles, wedges , trendlines , channels, harmonics, etc. has any effect on how price reacts. I'm sorry, but you won't convince me that Tesla or Bitcoin knows it has created a triangle and that it knows how to react to that? It does and will remember price levels, that's it. The second is to recognize that the price is not random, it is set by an algorithm controlled by those that control the asset. The Third thing to remember is price will do 2 things 1) move toward attacking where there is Liquidity (Equal Highs, Equal Lows, phantom Trendlines , etc.) and 2) Move toward Imbalance (Fair Value Gaps, Liquidity Voids. Open Gaps) That's the basics. The rest is very unique in the vocabulary you need to have and the concepts that wrap around these ideas.*
As the price of the pound has fell to record lows this year, During the london session it dropped a filled a daily fair value gap. However it has not returned tp the starting gap price to completely fill in the imbalance.
Sterling is usually a sure bet when thinking long term VS the USD, it's going to need to drop a little more for Investors to feel safe with their money in the Sterling again. With the current wave and the dollar moving up, The pound Should be heading down toward below a current liquidity level and the bulloish order Block.
I may have already missed the best entrance, and it could just be going straight down in here, but I have my traders hunch it will pull up during the US session and fall last minute. This trade may take a while to play out not just two days like my EURUSD trade did.
However to get there it will have to create an illusion that it will buy during the NY SESSION and instead will fall into next week possibly.
Or it could create equal lows giving the illusion of support and the up into the red and drop
GBPUSD
DXY
GGBPUSD1!
M6B1!
As the price of the pound has fell to record lows this year, During the london session it dropped a filled a daily fair value gap. However it has not returned tp the starting gap price to completely fill in the imbalance.
Sterling is usually a sure bet when thinking long term VS the USD, it's going to need to drop a little more for Investors to feel safe with their money in the Sterling again. With the current wave and the dollar moving up, The pound Should be heading down toward below a current liquidity level and the bulloish order Block.
I may have already missed the best entrance, and it could just be going straight down in here, but I have my traders hunch it will pull up during the US session and fall last minute. This trade may take a while to play out not just two days like my EURUSD trade did.
However to get there it will have to create an illusion that it will buy during the NY SESSION and instead will fall into next week possibly.
Or it could create equal lows giving the illusion of support and the up into the red and drop
GBPUSDDXYGGBPUSD1!
M6B1!Note
Chart Related to my last sentance above ENTRANCE 1.11745 Is what I'll be watching now
Note
After My first loss, or rather price hitting my stop loss before I was able to take profit and protect it.(4 hour chart)
I have reduced to scalping on the 5 min chart of fair value gaps at the top, switching between the 5 min 15 min and hour chart to catch the direction and best buy sell level. I've almost made the money back that I've lost. I was taught that if you lose to just stop trading and step away. Instead, I focus on the imbalances to fill and learn how to scalp them.
(5 min chart)
That's the difference between me
and my mentor.
Note
I forgot to add to the above entance, "after my first stop loss first hit since may"(Look back through my ideas here on trading view, I think I have one that went through, but I actually forgot to add a stop loss and ended up profiting)currently in a buy aiming for 1.1280
Note
Lost 220 pips (Both equal 1% of accountNext will be the scalp winnings And how I much I've gained back
Note
18 @ 2%Note
26.4 @ 2% (x2)(Just aiming to fill the fair value gap below and waited until it did)37.2 @ 2% (x2)
35.6 @ 2% (The downward movement left open the previous 5 min fair value gap that I knew had to be filled so I aimed for that top)
13.3 @ 2% (x2)
And now I'm in the buy previously mentioned. Now that volatility is down was aiming for the bottom of the fair value gap, 1.1780 from 1.1480 Stop loss at break even because I have now worked myself out of the negative to positive 41 pips. And I've just closed it at 1.12640 @ 2% (16 pips x 2) So I'm just protecting what I have now and this will be my last trade and then I will re-evaluate The charts and start focusing on end of week for Crypto.
If you were following me for a good signal, I apologize as I have been very reliable lately. I miscalculated the above fair value gaps and breaker. Hpwever, I have taught that just by focusing on fair value gaps, you can earn your losses back if your patient and know where to look. based on the fact that fair value gaps will fill but they have to have been filled going up and down. My students knew what I was doing to set myself up on reading the fair value gaps. You can be one too.
Note
Forgot the 35.6 @ 2% chart when it was gpoing back up after the dive down, aiming for the entrance of the 1 hour fvg from the far left side 
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
Related publications
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.