Trade Like A Sniper - Episode 49 - GBPSGD - (18th June 2024)This video is part of a video series where I backtest a specific asset using the TradingView Replay function, and perform a top-down analysis using ICT's Concepts in order to frame ONE high-probability setup. I choose a random point of time to replay, and begin to work my way down the timeframes. Trading like a sniper is not about entries with no drawdown. It is about careful planning, discipline, and taking your shot at the right time in the best of conditions.
A couple of things to note:
- I cannot see news events.
- I cannot change timeframes without affecting my bias due to higher-timeframe candles revealing its entire range.
- I cannot go to a very low timeframe due to the limit in amount of replayed candlesticks
In this session I will be analyzing GBPSGD, starting from the 3-Month chart.
If you want to learn more, check out my profile.
BGP
GBPUSD Long IdeaGBPUSD has fallen considerably this week since reaching the key level of 1.36. Cable now finds itself trading just below the 1.355 level however the price has found some support on the 1hr time frame. The RSI levels on the 1hr time frame reflect that price is in oversold regions which adds to our long bias. The target of this trade is located at the previous high of 1.36, with the stop-loss area below the recent support zone.
GBP USD stuck at the moment?This is what I'm looking at for a Monday, the initial push up had retraced to below the 50% then made a push up and at the moment has not made a lower low or broke the high.
I have my two structure lines and it's when those areas have a good 1hr Candle closure that i'll start looking at this a bit deeper