GBPUSD ANALYSE 10-02-24:
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Longterm bias = bullish
As you can see in the chart below, I put some lipstick on the chart for you to see what I'm looking at. If we look at last weeks trading there is a interesting thing to see here. This is where as a technical trader the fundamentals come together with logics.
Mondays' range was a large expansion. The whole week stayed within the Mondays' range. The Algorithm did this on purpose! Why?
As I stated before, my bias is still bullish because IPDA range is on the upside so the market needs to move a long way upwards. If you looked at the news calendar for this week, there is not just a lot of news but rather heavy ones like:
FOMC, fed speaking and PMI. This is what the market is going to use to liquidate orders and move the market. We might see a move to the upside of the IPDA data range.
* Market took out Thursdays' high on Friday, what usually means that if the market wants to go higher, that it doesn't have to take prev Friday low. This probability changes because of the news. Thursday and Friday formed nice double bottom where liquidity rests so with news this most likely get purged first before going higher.
* Mijn point of interest (POI) ideally would be the 4H TF propulsion block to find a buy setup, whereas the market wouldn't break the midpoint of the prop.block. It also has some confluence with a bullish OB which also has a nice wick on it. I noted the whole numbers in there calculated from Thursday low. But again, with the news in mind, it could also push the market a little more down. It is not unlikely to consider this because the Monthly TF shows a FVG and IFVG what the market can use as a Discount array. I preferably don't want to see the double bottom (is not shown on the chart) touched yet but for this we just need to see what price action does during the sessions.
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* Shortterm bias = neutral
* This depends on how the market moves per day on the NewDay open. I have a 4H TF bearish FVG noted that has confluence with a breaker block. If there is a change that a sell setup appears, I would find it around this Premium array. My target would be the Thursday low as a target. Then again my shortterm trades I play by ear so this is the first and last time saying something scalping.
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I hope this was insightful and I hope you enjoy these mark-ups. If you have any feedback for me at all, please feel free to send me a message.
Happy and safe trading!
-- THESE ANALYSES ARE FOR EDUCATIONAL PURPOSES ONLY. THIS IS NOT FINANCIAL ADVICE --
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