This GBPUSD scenario catches my attention due to the intriguing structure that price has formed. Presently, my strategy involves waiting for a slight dip in price to reach the Asian low and touch my 10hr demand zone. Following this, I anticipate a Wyckoff accumulation process, providing an opportunity for a buy position targeting the 10hr supply zone located within the psychological level of 1.28000.
In the event that price decides to rise first, my inclination would be toward short-term sells initiated from the same 10hr supply zone, with the aim of guiding it down toward the demand. Additionally, my interest is piqued by the backup zones, where substantial liquidity is visible near my Points of Interest (POIs), offering reliable areas for potential trading opportunities.
Confluences for GBPUSD Buys are as follows:
- Unmitigated 10hr Demand zone has been left which caused a major BOS to the upside.
- Temporary trend is also bullish as price has broken structure once again.
- DXY is still looking bearish meaning that GBPUSD is expected to rise.
- Asian low on top of demand is a good sign as price will sweep liquidity before entering.
- In order for price to continue in its bullish course, it must ideally react off a demand level.
P.S. As the current market conditions remain in equilibrium, my approach is to wait for price to reach either a discounted or premium level. Given the ongoing short retracement and the presence of liquidity below, I anticipate the demand to be mitigated first at the discounted price. However, I acknowledge the possibility of price reaching my 10hr supply, in which case, I would opt for selling positions to capture a downward movement.
HAPPY NEW YEARS TO ALL OF YOU AND HOPE THIS YEAR BRING EVERYONE PROFITABILITY AND CONSISTENCY. LETS CATCH THESE PIPS!
In the event that price decides to rise first, my inclination would be toward short-term sells initiated from the same 10hr supply zone, with the aim of guiding it down toward the demand. Additionally, my interest is piqued by the backup zones, where substantial liquidity is visible near my Points of Interest (POIs), offering reliable areas for potential trading opportunities.
Confluences for GBPUSD Buys are as follows:
- Unmitigated 10hr Demand zone has been left which caused a major BOS to the upside.
- Temporary trend is also bullish as price has broken structure once again.
- DXY is still looking bearish meaning that GBPUSD is expected to rise.
- Asian low on top of demand is a good sign as price will sweep liquidity before entering.
- In order for price to continue in its bullish course, it must ideally react off a demand level.
P.S. As the current market conditions remain in equilibrium, my approach is to wait for price to reach either a discounted or premium level. Given the ongoing short retracement and the presence of liquidity below, I anticipate the demand to be mitigated first at the discounted price. However, I acknowledge the possibility of price reaching my 10hr supply, in which case, I would opt for selling positions to capture a downward movement.
HAPPY NEW YEARS TO ALL OF YOU AND HOPE THIS YEAR BRING EVERYONE PROFITABILITY AND CONSISTENCY. LETS CATCH THESE PIPS!