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Breakandretest

GBP/USD LONGHi Guys, I just wanted to talk about a trade a I took today on GU which was a big 4.5 R2R Ratio! I've kind of switched up my trading strategy, as my old strategy wasn't really working as consistently as I would have liked it to. I use to trade of psychological levels and I use to be really strict with it which held back my trading quite a lot. I use to mark up nearly every level including quarter levels and try and trade level to level which may work for some people but it wasn't working for me. Now I purely trade of support / resistance levels / Supply / Demand zones and only mark up key levels using the daily, H4 and sometimes H1 depending on the structure on that timeframe. This week alone I've managed to make 15% which is a huge week - I've been trading XAU/USD, NAS100, GBPUSD, GBPJPY. I have 4 main pairs I look at however, I won't be trading every one as they may not be ready to take, in the morning before I go to the gym, I'll have a quick look at the charts and choose which ones I want to trade today based on the probability of them playing out in my favour. BUUUT, moving on. This GU trade was a great trade. I saw that price had broken market structure on the H1 TF and was retracing from previous resistance into the nearest level of support. Price was hovering around the 1.07875 zone, initially I was just waiting for price to make up its mind but eventually I noticed a lot of bullish volume come into the market, I entered on the 5m TF when I saw a many wick rejections on the 15m. My target was the big 1.10000 level which is a big psych level (I still use big psych levels in this strategy purely for targets). I held my trade throughout the news as I am a big believer in letting your trades play out which removes some of the emptions involved in trading. My next trade on GU which could start to play out tomorrow is a pullback to resistance, which could potentially act as support, where I will look to take price higher as you can see on my chart. The arrows show potential areas where I would look to take a buy but I'd prefer to wait for the deeper pullback. Bit of a long one description I know guys and it doesn't even cover half of the confluences I use but I hope that helps anyone. Good luck guys!
Long
by TomBray1
EUR/USD SHORTEvening Guys, This is a EUR/USD breakdown. Technically EUR/USD is bearish and has been since last year. It's only going to go further until ECB raises interest rates to tackle the surging inflation the economy is facing. EURO/USD has made some beautiful structure on the H4 & H1 TF, you can clearly see a perfect head & shoulder pattern combined with bearish market structure and a perfectly aligned break and retest strategy. It's unfortunate this formation has occurred at the end of the NY session because if this was to occur around 11:00-14:00 GMT we would see a huge sell off on this pair. Personally I'm going to look to short this until market structure tells me otherwise. Maybe price can hover around this zone before dropping even more later tomorrow.
Short
by TomBray1
1
GBPJPY LONGGood evening guys, I've just hoped on the charts and GJ is looking very clean, if there's a perfect example of a break and retest, this is one lol! 166.0 is a huge area of resistance and we've absolutely smashed through it and this is after printing a double top so this really shows that buyers are in control of the market. For this trade, I'm now waiting for price to come back down to 166. where I'm going to looking to take a buy, but first, I'm going to wait for a nice rejection which can be a depletion of selling pressure combined with buying pressure. We want wick rejections and bullish candles being printed then we will take a buy own this pair. First and last TP will be the next level of resistance (168.) I'm tired so hence the lack of information regarding support / resistance, candlestick patterns, Fibonacci's etc. This trade is mainly supply and demand crossed with a standard break and retest - we don't need to overcomplicate things!!
Long
by TomBray1
EUR/USD SELLHey Guys, This is a counter trend trade!! I'm currently selling EU after that huge bullish run we just had. We've just seen price break beneath a strong area of support now acting as resistance, since London open we've had some strong bearish momentum step into the market, but I am only selling this pair to around the 1.0000 zone as this is where price is likely to reject and continue to the upside. I will drop another analysis on this pair at 1.0000 where I anticipate price to go back up to the 1.01500 zone.
Short
by TomBray1
GBP/JPY Short Hi Guys, I'm looking to take this short on GJ. We have currently witness price print a perfect double top at a strong level of supply / resistance Price has now broken through support which we are anticipating to act as resistance We are now waiting for our entry which could either be a depletion of buying pressure and a new presence of selling pressure (wick rejections / bearish candlestick pattern) This is near enough a perfect set-up but nothing is guaranteed. This is where patience is vital. Let me know what you guys think?
Short
by TomBray1