GBPCAD bearish CHoCH

24 juil.

GBPCAD is poised to reverse imminently. On 1HR timeframe, strong change of character (CHoCH) to bearish trend. Pullback into the range to grab liquidity before continuing down to make a lower low. Criteria met on 15min timeframe for entry.

Target next order block on the 1HR timeframe, no resistance on the way down...

I can write about a bunch of smart money concepts: accumulation, inducement, traps, liquidity and order blocks. Honestly, it would just take too long. Let me just say patience is a virtue, lots of educements and a trap or two. I believe they have been mitigated and it is setting up nicely for a Tuesday reversal and continuation to the downside during London session.

Lets see how she plays out.

This is only my idea and not meant as financial advice.

24 juil.

Transaction en cours

One last trap for the retail traders. London taking a run at stops to fuel the bearish move. A lot of stops taken and bearish order flows signaling the start of the move.

24 juil.

Transaction en cours

We have seen the RTO phase where market makers reverse to offload all the bullish orders they used to manipulate price higher. They need to offload at the best price to maximize profits. Price has now pushed through key levels on internal timeframes and will gain momentum as it picks up stop losses from traders who were induced to go bullish.

24 juil.

Note

Interesting London session, wide swings and more momentum than anticipated. Sitting on a little drawdown, just under 2%. Analysis is still sound but I underestimated the long orders propping this pair up. Let's see what New York brings...

24 juil.

Note

Analysis still sound, grabbed more liquidity to resume bearish move. Entered a second trade based on entry criteria. Drawdown declining, sitting on about 1.5%. Looking to capitalize on a bearish New York session on a pair that has run out of steam.