Cable Update (GBPUSD)

EU at resistance, GU at support before ECB. Interesting.

they are the same , collecting order phase before move up

2935/55 area to watch, big volume there from yesterday

Either bounce here or break down

Trade accordingly

Here we go, tp R3 (can be R2)

I started the day predicting price bullish, but was not sure, I also said it might be a ranging / balancing day after two days hard move down, that coincides with market profile theory, as well as with Dealers using a day like this to get in / out of their positions, and for retail its just an oscillating day between asian session high and lows, with maybe a break later somewhere, if not today, then highly likely tomorow.

in Dealer traps, a perfect day get tons of retail to book shorts & longs, just to get stopped out on reversals, like happened now with the hard & fast down move.

Go look, most time, the markets range, price will climb / decent in steps, normally three or four, ( 3 wave plus exhaustion wave), just to be followed with a hard reverse to where that step started & beyond, specially on the M1 chart

I see price is now moving beyond asian low, dont be fooled, part of dealer traps is at end of session, or just before new session starts, move hard to an extreme / outside price, just to reverse on opening of new session.

I believe its our task to ' know the enemy" ( smart / dealer money), and trade accordingly

Go put a session indicator on your chart, and you will start to see some magic.

PS
Im new here, and its very easy to talk and perdict and "be" with the crowd, and thats EXACTLY what the Dealers want, its easy to predict & control a crowd, especially if you have mega data on them, like here us talikng, others reacting on that etc.

I believe the more contra opinions there are, the easier we can get to the truth.
I fell in that trap today, should have said from the outset its more a balancing / oscillating day with a possible break later or not, but I went and predicted price and direction for a breakout trade, following crowd wisdom here...wrong move

We live, we learn....

Long

Sell 1.2975 for 50

long 1.2968 SL 4h candle close below 1.2950 TP 1.3070 to 1.3110

TP 3240

I feel so sorry for bulls

... bearish last 1hr close ......50% of the move up from y/day's lo reached....30 day adr lo from the current hi is 2912...41.8% chance of it being reached based on last 3mths trading days. Anyways done for the day here...G/L all.

Almo,

You have quarters theory in your plan, since your SELL from 75 to 50, which was spot on !

Nice Impuls shown on h1

What is the difficult ? you see sell at the Top @London Open

Buy the dips... Bought 1.2935 target 1.3015 ... This week only.

There is a chance to go up?

London H4 Setup For Long but Not Confirmed Yet
So just let your short running
Eu H4 Short Setup |No Confirmed|

good post.
this is difficult Price Action to trade.
There were alot of bullish signs but this pair is the play ball of brexit news once again.

If you are a bull that got trapped on this dont feel bad. I think alot of traders got this one wrong.