GU Institutional Long BacktestAll annotations are indicative of how I entered this trade, any comments and critique are appreciated.
Gu
Sterling gold at 1.24447 ? short this is my new girlfriend. she is on top Daily 200 and 100 ma. She is below the 9. She is at a .618 support level 1.26914. Her golden roads are 1.24447 or 1.28943. and then 1.43455. Golden bricks for miles. Brexit? Lockdown? Brits behave. Will Cable?
I will chase when pound makes run to the gold / 124447 first? then moonski to 1435skis?
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OANDA:GBPUSD
POSSIBLE GU BUY THEN SELLWill be watching these levels for ideally buys first and then sells, if time allows. ( 8:30 AM - 11:00 AM ) (Est.)
GBP/USD H4 Sell Short Setup The daily chart has dropped a fair amount
That has been followed by sidewaysh consolidation
This has created a Wave 3 down and Wave 4 sideways on the 4 Hourly Charts
The Setup short has 2 entries possible with 2 profit target levels as shown on the chart
LET ME KNOW WHAT YOU THINK... COMMENT Pls
POSSIBLE EJ BUY THEN SELLWill be watching these levels for ideally buys first and then sells, if time allows. ( 8:30 AM - 11:00 AM ) (Est.)
POSSIBLE EU BUYSWill be watching these levels for buys, if time allows. ( 8:30 AM - 11:00 AM ) (Est.)
GBP/USD shortlonger term analysis, potential for GU to head back down to 1.22 see if we can move how I've forecasted. price could correct around current levels and develop a deeper structure for a while before continuing down, lets see. I would like to see a break above the current range to change my bias to long again.
GBPUSD Ascending Triangle on LTF - BullishGBPUSD looking quite bullish here for a potential breakout from the ascending triangle on LTF. Momentum looks strong here too. Fib retracement levels on chart from here. Low Risk entry on 1hr.
View on 1hr
Potential Long GUThe market is in an ascending channel on the Daily time frame and has respected the lower support trend and rejected it and gained bullish momentum. Furthermore, on the daily time frame the 200EMA is below price which is a strong indication of bullish momentum and bias continuing. The larger area of resistance has proved itself as a key level of resistance on multile occassions on the market timeframes, a re-test or strong bullish momentum of this area alongside a crossing of the 50EMA above the 200EMA on the hourly woud serve as strong area of confluence and signal to enter a long position.
However, GBP is ranging due to uncertainty in Brexit negotiations and further pressure on the Test and Trace system compounded by weak inflation in the UK. Furthermore, there is a high volume of US economic statistics being released today. Namely; Retail sales at 1:30BST, Oil stocks at 3:30 (recently demand has been weak for oil) and FED interest rate decision at 7:00 BST. There is likely to be alot of volatility in this market today, so strong confrimation of bias should be made before entering a trade.
Potential Long Position GUArea of interest, price has tested the support trend line and rejected it on lower time frames. Price is at an area of confluence due to support and resistance trend lines and 200EMA indicating an area of value. Moreover, it is still bullish according to the 200EMA (Daily). However, fundamental analysis may indicate pound weakness due to Brexit negotiations reaching significant stumbling blocks and NHS workers striking. Furhermore, Dollar may be gaining stregth due to what seems to be a potential second spike emerging globally (France recording highest cases on record and India hitting 100,000 daily infections) indicative of liqudity shifting to the Dollar. Acting as a safe haven. Overall, strong confirmation must be shown before entering a long position on this trade as there is potential for a complete breakout of the current market structure which would offer selling opportunties. Either way, this area of confluence will likely offer good trading positions with a good R:R.
