GBPUSD MARKET ANALYSIS

-

 Hey traders, I'm looking at a potential GBPUSD setup as price dropped into a major H1 & H4 demand zone at 1.19230 & 1.18564 which is the origin of the previous rally to the major H1 & H4 supply zone at 1.24326 & 1.23924. Price filled the major H4 range from the major H1 & H4 demand zone at 1.19230 & 1.18564 to the major H1 & H4 supply zone at 1.24526 & 1.23924 and back to the major H1 & H4 demand zone. Price dropped to the H1 & H4 demand zone at 1.19230 and formed a rejection wick with candle closes above demand followed by a strong bullish push away from demand in a strong H1 bullish engulfing candle, a weak bullish candle and another strong H1 bullish candle. Took buy positions during London session at 1.19565 with SL at 1.19200. Setup taken is a drop base rally, a reversal setup and my 1st target is at the 1st H1 & H4 supply zone at 1.22473 & 1.21708 before price either shifts and reverses or breaks and continues with the rally.












Price gained momentum during London session into NY session rallying 110 pips in strong all bullish candles on H1 & H4, taking out the 1st H1 high at 1.20300 and forming a higher high at 1.20436 confirming a shift in market structure to bullish. Price formed a higher high on H1 at 1.20575 and still showed more bullish potential to the 1st H1 & H4 supply zone at 1.22473 & 1.21708. Price dropped today to retest the previous broken H1 high at 1.20300 forming a higher low then gained strong bullish momentum during London session open, rallying 175 pips taking out the H1 higher high and forming new highs showing strong bullish momentum and a continuation of the rally to the 1st H1 & H4 supply zone at 1.21708 & 1.22473.
Current R:R = 1:4












Price rallied 200 pips to the next H1 & H4 high at 1.21400 and filled the 1st H1 range from the H1 & H4 high at 1.21400 to the H1 & H4 demand and back to the H1 & H4 high at 1.21400. Price failed to break the H1 & H4 high and instead reversed and dropped 120 pips back to the previous H4 higher low at 1.20200. Price then reversed and rallied to 1.20556 and still showed more bullish potential.
 R : R = 1 : 5






















Comments

  1. Kamau_GitungoFebruary 28, 2023 at 10:21 AM

    Prophet La Flame🙌trades played flawlessly🔥🔥

    ReplyDelete

Post a Comment

Popular posts from this blog

MEMBERS LIVE ANALYSIS SESSION PART 1

-
Image
  Good afternoon traders, it's a bright afternoon today but a bit dull in the markets as there's slow movements in the charts. However, it's become brighter as we held our Chase Capital Member's live analysis session yesterday and it was amazing. The feedback shared by our members on their trading journey progress has been phenomenal and we are happy and proud to walk this journey together. The impact Chase Capital is making on traders is being heard and felt firsthand from the experiences shared in this video by members of the Chase Capital Trading Community. Listen, learn and enjoy.
Read more

GBPUSD MARKET ANALYSIS UPDATE

-
Image
  Good morning traders, it's been a slow week in the markets but I hope you're watching out for potential setups and being patient. Here's an update on the GBPUSD setup I shared on the previous post. Price formed candle closes inside the zone followed by a strong H1 bullish engulfing candle to 1.26550 showing the bullish sentiment was right but my entry was early and that's how I got stopped out. Took buy re-entry positions during pre-NY session at 1.26504 with SL at 1.26300. Setup taken is a rally base rally, a continuation setup and my target is at 1.27600. Price failed to form candle closes above demand and instead formed a strong H1 bearish engulfing invalidating my bullish sentiment hence closing out my positions.  Took buy re-entry positions during NY session at 1.26418 with SL at 1.26200. Setup taken is a rally base rally, a continuation setup. Price rallied to 1.26700 during late NY session and formed candle closes above demand. Price retraced to retest demand a...
Read more

USDCAD MARKET ANALYSIS

-
Image
Good evening traders, it's another great Thursday with opportunities in the markets after multiple targets from our previous trades got hit. Into the markets today I am looking at USDCAD where price dropped into a major H4 & daily demand zone at 1.34712 & 1.34400 filling the major daily range. Price dropped into the major H4 & daily demand and formed multiple candle closes inside demand followed by a bullish push to 1.34800. Price then retraced back into the demand zone and formed candle closes inside demand followed by a bullish push out of demand. Took buy positions during NY session at 1.34619 with SL at 1.34300. Setup taken is a drop base rally, a reversal setup and my 1st target is at 1.35800 and my major target at 1.36170 which is the next major H4 & daily supply zone and also the origin of the previous major drop.   Price rallied out of demand by a constant push away from demand forming higher highs on H1 & H4 at 1.35050 with candle closes above demand. P...
Read more