GBP/USD, SL hunting

mario-urlic-forex-gbp-usd-11-10

I am following lately GBP/USD on smaller TF’s (15 and 30) and I enjoy in the sellers game with this pair. True, technical analysis on smaller TF’s works perfect, if we exclude this move from the afternoon, which is also a normal move in the market as we call it, SL hunting. You can see clearly how the sellers have searched for the liquidity higher after the maket probably thought, this is the bottom at 1.2250!? When they have filled their huge orders at 1.2328, the pair continue with sharp 100 pip decline and reach the support at 1.1220/30, where they have collect another side SLs. This is the new bottom and possible stronger support here at 1.1220/30, but the Pound sellers are really serious. ‘Fake bottom’ at 1.2250 could be the new resistance on the way to recovery. Told you already to be careful here. Sometimes I must say, I love this game. 🙂

Read more about SL hunting! 

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One comment

  • Wonderful notice Mario, as always.

    Like

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