GBPUSD - TRADE SET UP - BULLISH OUTLOOK

Updated

Traders, i don't believe this pair came so high just to sell off at the recent SUPPLY area. There is BULLISH price action from yesterday and i'm monitoring price for a possible pullback to the 50% Fib. level(1.2695) or the 61% Fib. level(1.2680) to take a BUY position. The 78% Fib. level is at 1.2665(the last defense for the bulls!). There is a short-term SELL if price retreats to those Fib. levels(below 1.2705). As always, wait for CONFIRMATIONS when price breaks highs or lows(re-tests/candlestick patterns). Resistance is at 1.2800.
Remember, price action is king.
DIONNG

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For the ELLIOT WAVE traders.
Is this valid?

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Traders, 07:30 candle BULLISH coming into London open. In 20 minutes we will know the direction. If this candles wicks(rejection) we may ride this thing to the lower BUY targets. Otherwise, we are going to the highs. Watch price action.

Trade active

Traders, Entered a SELL at 1.27115 with a 6.5 pip stop and targeting 1.2680(4.7:1)
Rejection came, i activated SELL trade(this is a quick scalp only)

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Break - even. No pullback today. Just a LIQUIDITY SWEEP and then it took off. The BULLS are in control!! The LONDON SHARKS almost got me! Be water, be fluid:)
Pullback please so we can BuY.

Trade active

Waited for the pullback and got in at the 61%(discount).
11 pip stop loss. Small risk for a target of 4:1 or more.
Taking small stabs is okay. If it does not work out wait for another set up. I must admit this is not my favorite set up. I like to buy from the low demand areas. That's where I've been successful.

Trade closed: stop reached

Faked out - Lost 5 pips.
Price made a lower low(London open) and retraced back to supply area(lower high) - my bad.
Initial assessment in play.

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SELL TRADE ANALYSIS - HOW TO AVOID CLOSING WINNING TRADES EARLY

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Traders, ELLIOT WAVE FOURTH LEG COMPLETE AT 78% FIB. LEVEL
TIME: 12:30(07:30NY)
Time for action

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12:50(07:50NY) - traders, if price confirms a change in structure to upside I'm taking BUYS

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Traders, yesterday Market Makers set the "trap" by creating the ideal candle stick structure that would suggest price will shoot higher. The "real" target for these institutional buyers lay just below 10-12 pips away. After three hours of "positioning" at 15:30 there was a LIQUIDITY SWEEP but price only managed to go 20 pips higher. If you caught the BUY at the lowest level(1.2652/1.2655), well done. Stops below the low. Low risk trade. Good luck.
DIONNG

Trade active

Traders, if the analysis is correct GU will be going up. Let's see what the Londoners have planned. Any substantial break of the lows(1.2650) by 20 pips or more would suggest we are heading to the next demand level. Watch price action

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Traders, caution. Red Folder news coming at 13:30 and 15:00

DIONNG

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