GBP/USD [LONG]
Good evening traders! Here comes another analasys of mine Enjoy.
Who is in charge? That is a very intresting Question that allot of people are asking themselfs right now.. and this is because the sellers are actually in charge if you look att price action from the top left of the screen to were we are now. and because we are looking bearish right now alot of sellers will be looking to go short att the Range highs 1,2743 to then rotate back price down to the range lows 1,2114. but i would like to challenge that tought for a couple of reasons.
Reason:
(1) If you look closely att the area of 1,2944 on the chart. You will see a very very intresing Gap that has not yet been filled, and if we know anything as traders it is that the market LOVES to fill gaps.
(2) If you take a look att the range lows you will notice a very intresting fake break followed with a very strong and convinsing bullish Correction/Trending candle back into the range to take price higher.
Good News: Even if the buyers only have fuel to take price up to the previous range highs this gives us enough room to bring our S/L to Entry +1 and even take of half of the position to then let the other half run up to T2 1,2944.
Careful: If you look att the level of 1,2671 you will notice that price has recently bounced of an important level that coul very possibly be the sellers area of saying Hey buyers.. we are not going to go any higher now but retest the lows and make this big range into a smaller range.
(and they would be perfectly right to do so)
But if you look closely you will see that the buyers actually broke the highs with a wick (unfortenatly not with a full bodied candle)
But this can give us some confidense to buy the market when our entry technique arrives.
Entry: I am looking to give the sellers some room and retest the Bearish trendline were the moving average is currently att and then wait for a strong Confirmation Trend candle from the buyers.
Who is in charge? That is a very intresting Question that allot of people are asking themselfs right now.. and this is because the sellers are actually in charge if you look att price action from the top left of the screen to were we are now. and because we are looking bearish right now alot of sellers will be looking to go short att the Range highs 1,2743 to then rotate back price down to the range lows 1,2114. but i would like to challenge that tought for a couple of reasons.
Reason:
(1) If you look closely att the area of 1,2944 on the chart. You will see a very very intresing Gap that has not yet been filled, and if we know anything as traders it is that the market LOVES to fill gaps.
(2) If you take a look att the range lows you will notice a very intresting fake break followed with a very strong and convinsing bullish Correction/Trending candle back into the range to take price higher.
Good News: Even if the buyers only have fuel to take price up to the previous range highs this gives us enough room to bring our S/L to Entry +1 and even take of half of the position to then let the other half run up to T2 1,2944.
Careful: If you look att the level of 1,2671 you will notice that price has recently bounced of an important level that coul very possibly be the sellers area of saying Hey buyers.. we are not going to go any higher now but retest the lows and make this big range into a smaller range.
(and they would be perfectly right to do so)
But if you look closely you will see that the buyers actually broke the highs with a wick (unfortenatly not with a full bodied candle)
But this can give us some confidense to buy the market when our entry technique arrives.
Entry: I am looking to give the sellers some room and retest the Bearish trendline were the moving average is currently att and then wait for a strong Confirmation Trend candle from the buyers.
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