Short

Updated

December 2022: Selling GBPUSD Pt. 8

With Price breaking the low of 1.20176, Price action changed and has clarified the trend developing.
Price rejected a major resistance zone at 1.2105 forming a 3rd wave of the trend. Therefore, my current bias is bearish, and I would be looking to sell into LDN session to the 161.8% expansion (1.1858).
Currently, we have what looks like a lower asian high, however, I expect price to take out liquidity of the NY high created yesterday to discount at 1.2088 before breaking the current asian low at 1.20149.

Remember to be adapt, and as always trade cautiously.

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Watching for a pullback.

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I will also be watching the 38.2 as a potential reversal.

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That was some serious consolidation.

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Took Profit at the 38.2 like I indicated. Price has pulled back sharply into a lower OB, I would be taking a buy if I see a bullish 5 min BOS. If it is a bearish 5min BOS, it would mean a sell instead.

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watching carefully if price would reverse.

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I guess we are selling then

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I am waiting for a 5min BOS for a sell entry.

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I took my entry from the 78.6, target is 1.188

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My previous entry was stopped out, I re-entered a new position.

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I have closed my position. Would re-enter a better position in LDN session

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I am pausing all my sell ideas, Price action is looking bullish.

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I would be looking for either of 2 sell scenarios to give a 5mins BOS

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Sweet!

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I'd like to clarify something: I am a day trader because I have studied the markets enough to know it is a losing trader that always seeks to 'catch' all the moves of the market. While I have an 'idea' of where and how the market might move, I am not interested in the whole move, just how I can plug in and profit on a daily basis. I am saying this to help anyone thinking they 'must always trade every market move'.

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I would be watching for this price action into NY session. Of course, I would be trading the momentum, never the correction.

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Looking to add another position. 1min-3min BOS

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That Price structure...I have taken off a huge partial. I would watch for continuation or reversal.

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If we start seeing a 5min BOS at that zone, Price bearish action would be over, and I would buy.

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If Price starts a bullish confirmation, I would be going for my previous target. This just looks like a re-distribution schematic.

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The confirmation for a buy setup would be a 15mins BOS. Something like this:

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Current position with SL at BE. Price action is not complete yet so price might come back for liquidity.

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Remember I am following price action. I am NOT interested in some elaborate plan beyond using it as a guide. I trade what the market gives...I would buy or sell with a 15mins BOS. Watch the NY opening.

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If Price action shows retest of supply rather than demand on the 15mins, I would 'forget' the previous price action and sell. This time target would be much lower at 1.1858

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With all the consolidation going on, these are possible scenarios for BOS.

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Buy Entry would be a 5mins BOS

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blast it! setup has changed again. Sells loading.

SwingingPrime

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