GBPUSD Longs from 1.25400 back up!
GBPUSD once again is in a very good place right now and opportunities are looking very good. even though I have marked out two scenarios I will focus on the buy opportunity that could potentially play out. For this i'm expecting price to descend to take out the equal lows and fill in the imbalance. From there I will be expecting a wyckoff accumulation to present itself within my 11hr demand zone.
Once price changes character and leaves a clean entry point I will be looking to buy back up to the supply zone which sits above the equal highs and imbalance. From there I will be anticipating a good bearish reaction from as price would have swept lots of liquidity.
Confluences for GBPUSD Longs are as follows:
- Bullish pressure weakens, evident in a CHOCH and confirmed by a BOS
- A 11hr demand zone below triggered a break of structure to the upside.
- The market trend is bullish, aligning with this idea.
- Imbalance above the demand signals favourable reaction at my POI.
- Abundant liquidity above, including trend lines and untouched Asian highs.
- Price needs to dip to a significant demand level for an upward rally to persist.
- Triple Equal lows above my zone, once liquidity is swept we can expect a nice reaction.
P.S. I do see a close 4hr demand but the reason why I didn't highlight that one in this post is because I expect it to fail. The relative triple equal lows below it makes this POI not a good one so I will rather wait for the most extreme lying at the more discounted area.
Once price changes character and leaves a clean entry point I will be looking to buy back up to the supply zone which sits above the equal highs and imbalance. From there I will be anticipating a good bearish reaction from as price would have swept lots of liquidity.
Confluences for GBPUSD Longs are as follows:
- Bullish pressure weakens, evident in a CHOCH and confirmed by a BOS
- A 11hr demand zone below triggered a break of structure to the upside.
- The market trend is bullish, aligning with this idea.
- Imbalance above the demand signals favourable reaction at my POI.
- Abundant liquidity above, including trend lines and untouched Asian highs.
- Price needs to dip to a significant demand level for an upward rally to persist.
- Triple Equal lows above my zone, once liquidity is swept we can expect a nice reaction.
P.S. I do see a close 4hr demand but the reason why I didn't highlight that one in this post is because I expect it to fail. The relative triple equal lows below it makes this POI not a good one so I will rather wait for the most extreme lying at the more discounted area.