GBPUSD Long 4.25.24 *Educational*
First step: Identify trend.
Price is obviously in an uptrend locally. This can be seen by price making higher highs and higher lows every day.
Step 2: Wait for the New York initial balance to form in order to make an educated discission.
You can see the IB form, which is the A and B blocks. After the IB is formed CDE bocks formed a failed auction below the IB. A failed auction indicates trapped traders below the IB low, that were trying to short the breakdown.
Step 3: Look for confluence to support your trade idea.
You can see just below the IB we have the daily POC + VAL and a local golden pocket.
So along with the failed auction of the low, we also tapped into 3 other support levels.
Step 4: Enter your trade.
Unfortunately, I can't show any time frame lower than 15mins bc of Tradingview's rules.
But you can still see how I entered. It is simple, I wait for a 15min close back inside of the IB. Then I go on the 1min chart and look to see if the 1min trend is shifting in my favor. Id both of those criteria are met then I will enter my trade on the backtest of the IB.
Price is obviously in an uptrend locally. This can be seen by price making higher highs and higher lows every day.
Step 2: Wait for the New York initial balance to form in order to make an educated discission.
You can see the IB form, which is the A and B blocks. After the IB is formed CDE bocks formed a failed auction below the IB. A failed auction indicates trapped traders below the IB low, that were trying to short the breakdown.
Step 3: Look for confluence to support your trade idea.
You can see just below the IB we have the daily POC + VAL and a local golden pocket.
So along with the failed auction of the low, we also tapped into 3 other support levels.
Step 4: Enter your trade.
Unfortunately, I can't show any time frame lower than 15mins bc of Tradingview's rules.
But you can still see how I entered. It is simple, I wait for a 15min close back inside of the IB. Then I go on the 1min chart and look to see if the 1min trend is shifting in my favor. Id both of those criteria are met then I will enter my trade on the backtest of the IB.
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