GBP/USD;) Liquidity grab in the market Trendline creating strong support but also a lot of liquidity My guess is Market will grab liquidity and Then Move Foward Only if Confirmation.
GBPUSD1! trade ideas
6BV3On the backside of the short we can ape in for the bounce off the bottom, would not recommend futures as the open interest on the contracts will be low, options is how to play this. Safe side is sell the put (don't advise selling naked unless you can manage the trade at all hours) or a credit spread to hedge any risk. This will provide ample time to collect the premium through any volatile price actions. I will be buying the call (naked) this is a much riskier trade and the "WIN HERE" line is meant for me not sellers of the premium.
Disclaimer I took the trade out yesterday but still feel there is room to publish the idea. This is why I recommend selling the premium rather than buying the call.
GBPUSD Short-Term AnalysisThis expectation is a framework to look for a potential trading setup; I don't just execute based on these levels, I always wait for confirmations on lower timeframes
This Analysis was done using my complete Strategy which includes:
- Smart Money Concepts
- Multi Timeframe Liquidity and Market Structure
- Supply And Demand
- Auction Theory
- Volume Analysis
- Footprint
- Market Profile
- Volume Profile
- WYCKOFF
- ETC
GBPUSP (6B1!) Intraday trade - SHORTLooking like cable wants to retest the STONG support zone it broke recently.
As we know, when support breaks, it becomes RESISTANCE.
A good BREAKOUT entry would be below the 12:00am candle today.
Please remember, Jackson hole is today so exercise extra caution and if needs be, reduce your lot size. Remember, protect your profit.
GBPUSD (6B1!) Intraday trade - LONGThe news release was bad for the dollar.
it should soon reverse.
If the DXY falls off, cable should gain some strength.
Looking for a BREAKOUT LONG above the current 30 min candle. It seems like it has re-tested the bottom of the rage, so it makes sense to look for longs here.
Again, ONLY ENTER A BREAKOUT LONG ABOVE THE CURRENT 30 MIN CANDLE.
British Pound Futures 6BV3Disclaimer-Doing this mobile, it really sucks to be honest but here we go.
British Pound October 2023 - Short
Why V instead of U, concerns about the open interest on the September contracts on the CME. Open interest shirks about one month out, don’t get left holding the bag. For option traders, this does not affect your trade, your preference should be 6BU3 not 6BV3, futures is different.
In the last 15 years has a probability of success of 66%. Not the greatest however this 66% is “targets achieved” so as long as it is managed and not “set and forget” you should get some profit out of it. My first target for assessment is at 1.25$ or about there (mobile) that is a .02->.03 draw down and then the king killer target is at 1.21 which is over the last 15yr the high end for profit (.07$) which also lines up with support levels. However just because it lines up doesn’t mean sh*t. Setups could include a calendar spread, back end contract best option would be March imo, or you can hedge the risk on the USD (DX! U3 or V3 on ICE or something)on a long dated or tight (close stops)6BV3 contract.
Option dawgs
Best case you buy the put and are in it for a short time bc extrinsic value on the option contract will increase so I would not leave it open til the 29th unlike a futures contract. Selling premium here instead is safer however you won’t make as much $ as a bought put. I may wait on the credit side until it recovers in Dec. Whether you’re running the option naked or as a debit spread it should be managed regularly.
I cannot post external sites/info however reach out to me and I can provide further documentation. Hope this is readable……
“Where are the kids?”
-kewlkat
GBPUSD (6B1!) Midterm trade - LONGLooks like the pound has retested the bottom of this mid term trend.
Placing a BREAKOUT long above the current 4HR candle with a target at the top of the range makes sense.
Expecting cable to stay range bound for the foreseeable future, at least until we can discern whether the UK will have a hard or shallow recession.
$M6B - Huge Drop and High timeframe reversal coming upM6B had a huge drop today and checks all the boxes on the change of structure, liquidity grab on both the 4hr and 15m charts. On top of that the .618 (Orange) is right at the $1.2641. If this breaks into the grey box below and does not close below $1.2609 then it is a really good solid play. I put the PT at $1.2755 which was yesterday's close, but the .618 on the way down (Green) is at $1.2766, so above the close.
Short British PoundCommercials have been actively distributing sterling over the past month and a half, even as large and small speculators persist in taking long positions. However, today witnessed a startling turn of events as the Bank of England caught the market off guard by implementing a substantial 50 basis point rate hike. In the event that the price concludes the day on a downward trajectory, I will initiate a short position on the British Pound. This occurrence exemplifies a phenomenon known as 'news failure,' wherein bullish news unexpectedly yields bearish price action. Consequently, if today indeed marks the peak of the market, I intend to set my stop loss order at the day's high.
GBP - 1.24 Lower Next?!GBP - 1.24 Next?! CME:6B1! FX:GBPUSD
GBPUSD - 1.24 Next!
We've had a great run, I'd still be buying longer term dips on GBP - However, for now I feel a pull back is due and this is great opportunity for us traders to take opportunities of the bull and bear side!
Overall pattern, wedge - We've broken to down side the first area of interest to me is 1.24/ 1.23 high areas and the next would be 1.22 areas! If we are to close above 1.25 i'd be re thinking this plan...
Trade Journal
(Not Financial Advice)
GBPUSD - Short Term Bearish Analysis/ExpectationThis expectation is a framework to look for a potential trading setup; I don't just execute based on these levels, I always wait for confirmations on lower timeframes
This Analysis was done using my complete Strategy which includes:
- Smart Money Concepts
- Multi Timeframe Liquidity and Market Structure
- Supply And Demand
- Auction Theory
- Volume Analysis
- Footprint
- Market Profile
- Volume Profile
- WYCKOFF
- ETC
GBP - Month & Quarter End...GBP - Month & Quarter End...
What a quarter we've had...We do still have plenty of data coming out today. Buckle up!
We just had EUR CPI flash coming out lower than expected but the core is in line but today we have another important data print coming out of US - Core PCE Price Index m/m. Which is a key metric the FED are taking into account.
Now I don't know about you but end of the month and end of the quarter is week I take off and just watch the market as we do get lot of funky moves and I know a lot people struggle with FOMO I was one of them but you got know when to step away and stand on the side line! GBP we hitting the key resistance areas the next area to take into consideration is 1.24/1.25 areas. I've been bullish GBP since the start of the year and I am still very much bullish on GBP but you got trade what you see, not what you think. You can see through my 2023 post regarding where most of them majors could reach.
Now where we are today technically, in a bullish trend as long as we are within this channel on cable, we go above the areas of 1.24500 then I expect 1.26 - key resistance is 1.25 keep that in mind... but if we struggle and we go below the areas of 1.2310 support then I expect 1.22 to be key support.
Now, i'd be careful trading today....It's Friday a good trader well known as 'Coach' always stated "Don't make your PnL on Friday!"
Let's have a great Q2 - all the best traders!
Trade Journal
