GBPUSD | Perspective for the new week | Follow-up
Updated
This is a follow-up video to my previous analysis on the GBPUSD where we scooped over 400pips profit to start the year on a profitable note (see link below for reference purposes). The U.S. dollar started the year on a positive note, trading near a one-month high after healthy employment data pointed to a strong labor market ahead of the most anticipated macroeconomic event in the non farm payrolls report after which it relinquished all of its gain to come back to where price started the year at the $1.21000 area.
Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade active
Price action started the week on a bullish note hereby leading to the breakout of our key level at the 1.21000 level. From the current structure, we now have a support and resistance level for the week at 1.20850 and 1.21250 respectively. As long as the price remains above this key level, we should be comfortable in a buy position. Good morning
Trade active
So, during the live session today we adjusted the resistance to 1.21700 following the appearance of selling pressure form this structure. A new structure is now identified to guide selling opportunities and a breakout/retest of the 1.21700 for buying opportunities. You might want to watch the replay of our live session this morning on my youtub channel for insights on how to manage this tradeTrade active
Quick update on 15 minutes time frameTrade active
Quick update on 15 minutes time frameTrade active
Secure the current buy position as price action breakout/retest the 1.21700 level as projected.Trade active
Quick UPDATETrade active
Secure positions as sell pressure continue below 1.22100. Despite looking forward to a breakout of the 1.22100, a breakdown/retest of the trendline could incite a sell-off.Trade active
Secure sell position as we look forward to a further breakdow of the 1.21550 level.Good morning
Trade active
Trade active
Bank of England Governor Andrew Bailey's speech coming up in 20 minutes and there is a tendency for a huge spike in price movement. So, we want to secure our current sell position with selling opportunities below the 1.21700 still valid. However, a breakout/retest of the 1.21850 level could incite a bullish momentum but I won't be comfortable unless a breakout of the 1.22100 level happens.Note
Trade active
Secure all sell positions as the second position was triggered at the breakdown/retest of the 1.21700 level. As we look forward to Fed's Chair Powell speech in an hour, you might want to watch the replay of our live session this morning on my youtub channel for insights on how to manage this tradeTrade active
The third position triggered at a breakdown/retest of 1.21500. Secure all sell positions as we look forward to the breakdown/retest of the 1.21250 level for an additional positions.Trade active
Though price appears to have broken out of the bearish trendline (taking out some of our positions) in th last couple of hours. We are still holding on to the bearish bias as long as price remains below the 1.21700.Good morning
Trade active
Secure sell positions while we anticipate additional entriesTrade active
Secure all sell positions as price action triggers the third position at the breakdown of the 1.21250 level. We discussed this at length during the live session today. If you missed it, you might want to watch the replay of our live session on my youtub channel for insights on how to manage this tradeTrade active
Secure all sell positions as price action rejects the 1.2100 level in the last 6 hours and this might likely breakout/retest the bearish trendline to incite a bullish momentum. We still keep the option of a breakdown/retest of the 1.21000 level for selling opportunities.Trade active
Trade active
Secure the current buy position with the anticipation of a breakout/retest of 1.21700 for another opportunity to buy. However, if the price takes out the current position by breaking down the 1.21500, we will be considering selling at the appearance of selling pressure below this structure in the lower time frame.Good morning
Trade active
As we anticipate the Consumer Price Index later in the day; Take note that the breakdown/retest of the 1.21500 level has a high chance of inciting a bearish momentum.Trade active
Price action takes out the buy position to trigger the sell order at 1.21500 to incite a bearish momentum. Secure position and you will definitely want to watch the replay of our live session on my youtub channel if you missed it for insights on how to manage this trade during the NY session.Trade closed manually
Price takes out the position as the CPI data came in as expected. I shall wait for this candle to close before making a decision and if it is too late, this trade shall pass. An update coming up soon.Trade active
5-minute timeframe outlookA new and simple set-up is identified here that supports a possible bearish momentum if price action remains below the 1.216000 level.
Trade active
Price action continues to find a higher high hereby confirming a strong bullish momentum as the price breakout of the 1.22100 level. So a channel has been identified between the 1.22100 and 1.21850 which we shall be using to guide trading activities for today.Good morning
Trade active
The buy position triggered at the breakout of the 1.22100 level and now that price is at a supply zone - 1.22350, we want to be securing the current position while we lookout for how the price reacts to this structure as a breakout/retest of the 1.22350 will welcome an opportunity to buy.Trade active
Just as discussed during our live session this morning (video uploaded on my youtub channel); secure positions
Trade smart. Trade consciously
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