I don't need to do hindsight analysis/review of this pair (any pair really). I can say this though.. that stop hunt during a risk event? "experts" in the media claims the spike was a headline reaction . The fact that Sterling was BID literally 5 minutes before the confirmation of the supreme court it was claimed by the media experts that it's due to "buy the rumour, sell the fact"
I see in a different angle though. LIQUIDITY RUN. Buy Stops stacked just around Monday's high (obvious level hence banks use it against us/for them). The bank made a liquidity run/stop hunt. From that hunt, now the range have been formed, setting up traps for breakout traders or range traders.
Technically I am still bullish on Sterling. I don't have a rationale based on sentiment/fundamental analysis apart from Sterling is almost all about Brexit nowadays so I gather from yesterday's supreme court decision, sterling is bid right now I guess? I wont allow it to confuse me because my SOP is clear, if there is no clear sentiment/fundamental analysis based bias, I just rely on what the charts telling me
I am looking at the liquidity pool (marked in the chart) and if price goes there the low of the week formed, I will look to Long GBPJPY (and other GBP pairs)
I see in a different angle though. LIQUIDITY RUN. Buy Stops stacked just around Monday's high (obvious level hence banks use it against us/for them). The bank made a liquidity run/stop hunt. From that hunt, now the range have been formed, setting up traps for breakout traders or range traders.
Technically I am still bullish on Sterling. I don't have a rationale based on sentiment/fundamental analysis apart from Sterling is almost all about Brexit nowadays so I gather from yesterday's supreme court decision, sterling is bid right now I guess? I wont allow it to confuse me because my SOP is clear, if there is no clear sentiment/fundamental analysis based bias, I just rely on what the charts telling me
I am looking at the liquidity pool (marked in the chart) and if price goes there the low of the week formed, I will look to Long GBPJPY (and other GBP pairs)
