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GBPJPY - Wyckoff concept?Not looked at Wyckoff concept for a while but watched a video the other day and found something similar after distribution. These guys were using an average level from accumulation/distribution. So with it being Christmas, I thought I would look into it again. This looks like it is setting up for a drop - we could indeed be in phase C of the concept. I would be keen to speak to others who trade Wyckoff and welcome comments and feedback below. It would make overall sense for a weaker Pound - Although Brexit had a deal, there's a long way to go and I am not sure how good the deal truly is. We then have Covid - 21 to contend with. Which is likely to cause the UK more issues than most. Daily Elliott is in an uptrend but looks like we have tagged the 3 wave extension - meaning it's due a pullback which could be this short here on the smaller Timeframes. Happy New Year to you all. Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s, and Forex. Hence each trade setup might have different hold times, entry or exit conditions, and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Short
by Mayfair_Ventures
Short GBPJPYHere's an update from the last GJ post. Still short & it's looking like the pattern is playing out. Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Short
by Mayfair_Ventures
2
Short GBPJPYBrexit and Covid 2.0. No real need to say much else. However, we are in a Daily wave 4-5 of an Elliott wave. We should see a little pullback and a bigger drop. COT data also major short the GBP and net long JPY. There were key turning points in the Cycle indicator on the 5th, 10th and 15th - next is the 23rd, to the 29th. Let's see where next. Suprised if it gets to 137.85 now (low volume node) given the other data. Just waiting for UK Govt to come out with a crazy statement and GBP will sink. Good luck. Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Short
by Mayfair_Ventures
3
GBPUSD Short MaybeLooking at the average Elliott wave cycle we are in a downward trend for GU overall. The pullback was a bit extreme but actually only to the 618. GBP strength in this situation makes almost no sense. Brexit & Covid 2.0 with Boris n friends running the show. All that's happening right now is the institutional investors are gathering liquidity. COT Data shows an 84% bias in trading the pound over USD and that is split with a 59% net short position. OVerall waiting for confirmation on smaller Time frames. Disclaimer This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and will vary from the post/idea shared here. You can use the information from this post to make your own trading plan for the instrument discussed. Trading carries a risk; a high percentage of retail traders lose money. Please keep this in mind when entering any trade. Stay safe.
Short
by Mayfair_Ventures
RidetheMacro| Pound making a correction!📍 GBPUSD is trying to correct on Thursday but the COVID-19 pandemic and Brexit put too much pressure. The British Pound remains weak against the USD on Thursday despite today’s slight attempts to correct. The current quote for the instrument is 1.275xx. The Pound remains under pressure from two very negative factors, the coronavirus, which is reviving in the United Kingdom and not going to give up, and Brexit, London’s persistent and annoying problem. The increase in the number of new coronavirus cases in the United Kingdom gives reason to believe that the second wave of the pandemic is already here. If the speed of the disease spread remains the same as today, the government may have to introduce new quarantine restrictions as early as in October. 📍 Of course, it’s awful for both the Pound and the British economy. As for Brexit, it’s getting more and more complicated as time goes by. Talks with the European Union are stuck and, in this light, the British Prime Minister Boris Johnson is very aggressive in lobbying for a bill, which will allow the United Kingdom to unilaterally abandon the performance of some articles of the agreement that was approved in January. As a matter of fact, London is trying to rewind the time but the EU, which is quite sick and tired of all problematic initiatives coming from the UK, is highly unlikely to let it happen. Most likely, The United Kingdom will once again have to ask for an extension of the transition period and that’s a serious stress for the Pound. 📍 Technical Point of View The US dollar gains on Thursday, after signs of an economic slowdown in Europe and the US as a concern of the second wave of virus infections. 📍 The Euro already gets weak by strict lockdowns reimplementing again concerns and today release of German business sentiment. 📍 Pound weakness on Strong US dollar concerns and Today speech led by UK chancellor Sunak on to protect jobs and rising COVID 19 infections. 📍 US dollar strengthens by FED raising concerns on for more financial support for the US economy, but the US Congress makes it unlikely to help such support. 📍 Fears of the second wave of coronavirus in Europe are also supported USD and Investors turned backed to healthier assets. 📍 The US dollar expects to surge in spike as second wave and FED talks on the economy is worsens if Policymakers fails to deliver stimulus measures. Until the Next time. Ridethemacro
Short
by Ridethemacro
OVERVIEW OF GBPJPYGreetings Traders ! Our view of GBPJPY Price broke out of prior months channel formation Possible retest-of channel and if 137.700 holds Expect higher highs to139.300 resistance zone and above Otherwise, with economic fundamentals, brexit, stimulus, if chart respects bearish butterfly formation pattern, etc. We could see a bearish move to 136.500 zone as our target. A break from there can bring 131 levels... Feel free to comment and share or like :-). Happy Trading Stay safe! The Trading Regime.
Short
by EvaultFinancialGroup
ridethepig | GBP Market Commentary 2020.04.08Limited coverage lately as @ridethepig is spending more time on calls these days than in my entire career. Trying to get a sense of productivity, expectations and capital structures before making further comments. On the UK side, the mood is low and with PM Johnson still in ICU it does not look good. All rallies should be sold in cable towards the highs in the range at 1.236x/1.237x. Look to target 1.20xx and 1.15xx extensions at the lows again, invalidation above 1.250x. The targets come from the same areas as before: Risk markets are going to struggle as we prepare for a long weekend. Wuhan restrictions were lifted today and will be one to track in the coming weeks, I am expecting another leg lower in Global Equities which will trigger a rush to USD and to shake out all the early dip buyers who are speculating that risk is faded for good and this will be a quick in and out. Thanks as usual for keeping your support coming with likes, comments, charts, questions and etc!
Short
by ridethepig
11
GBP/AUD "REVERSAL" TRADEGBP/AUD Was looking like a very strong buy until it started a reversal shown on the chart. It's cleanly started trending downwards with a set of lower lows and lower highs. Price is currently hovering around previous structure low meaning this is a good possibility of a retest. As the trend is clearly bearish and we're able to enter at a potential high. This is a perfect opportunity to short this pair. Trend is your Friend :) Please leave a like and share!
Short
by BenCheungFx
GBPUSD 1.2500 OR 1.3000?Well well what a week for the pound. Boris actually looking like he's pulling his finger out and cut the irrelevant and commences positives talks with IE Brexit associates that see the Pound rocket 500pips in two days!! Now will the market stabilise and pull back? I think so, but when? currently I have a monthly key level and a pink weekly trend line at 1.27000 where we saw price get held. We are yet to see any bearish signals on a higher timeframe so there could be further room for a more upside to a next key level of 1.3000 Now with the EU summit taking place towards the end on the up and coming week ahead we need to keep our whits about the market ahead. Sticking toy technical thoughts I would like to see another reaction of 1.2700 and a retracement with high timeframe resistance holding strong. with 1.2500 being a fibonacci retaracement zone is see this as a great short opportunity
by Travis_duncz