Trading GBP/USD
Your analysis on SLK was when price sweeps Asian liquidity it will fall how does the bias come in?
Bias means direction. The direction when i analyzed was bearish but then my friends who trade the same strategy said it will buy so i decided to follow their buy analysis.
Bias is not supposed to override strategy. My own analysis that day showed price will go up but I was wrong and price went down. Strategy is always superior to bias the two cannot exist in the same sentence. Bias is you using your discretion.
Let me give you an instance. This morning, the options expiry report I have is showing me there are big EUR/USD expiries around 1.1805, 1.1800, 1,1795, 1.1790 and below. Normally my bias should be sell but I must wait for my strategy to align with the bias before I sell.
Let me give you an instance. This morning, the options expiry report I have is showing me there are big EUR/USD expiries around 1.1805, 1.1800, 1,1795, 1.1790 and below. Normally my bias should be sell but I must wait for my strategy to align with the bias before I sell.
Alright. How can i know how to interpret this detail?
Based on my strategy, I want to see EURUSD price come up to the Pre-franky high then fall downwards. If I dont see that I will not trade
Based on my strategy, I want to see EURUSD price come up to the Pre-franky high then fall downwards. If I dont see that I will not trade
Cool. I will go check more on it.
Even though my bias should be sell, you can see the price is going up, i will go ahead and buy but if the price should start going down I will then switch to sell. But I will not say because my bias should be sell then I will not take an obvious buy opportunity. I will buy but I will exit upon seeing the first opposite candle.
Even though my bias should be sell, you can see the price is going up, i will go ahead and buy but if the price should start going down I will then switch to sell. But I will not say because my bias should be sell then I will not take an obvious buy opportunity. I will buy but I will exit upon seeing the first opposite candle.
Well, I’m flexible when it comes to my bias, when I see what signifies a change of bias i will go ahead to trade it. Mostly, I tend to stick to higher timeframe bias until proven otherwise
Now price is doing what I wanted, it has broken out of the pre high and is showing signs of reversing towards the option barriers. now my short bias has aligned with my technical analysis so I can now confidently sell.
WE HAD A DAILY BREAKOUT TO THE DOWNISDE YESTERDAY WHICH MEANS GBPUSD IS NOW BEARISH. I WILL BE ON THE LOOKOUT FOR SELL SETUPS.
WE HAD A DAILY BREAKOUT TO THE DOWNISDE YESTERDAY WHICH MEANS GBPUSD IS NOW BEARISH. I WILL BE ON THE LOOKOUT FOR SELL SETUPS.
So you look at the 4H chart next?
Yes
So, does it mean we have to wait another 4 hours to decide whether to trade? are we not missing out on the morning action?
So, does it mean we have to wait another 4 hours to decide whether to trade? are we not missing out on the morning action?
We will wait for price to react at the current daily breakout keylevel and wait for a breakout on the 4hrs timeframe. It can take a day to form, it depends on the market.
