*** Intra-Daily Trading Strategy: BUY British Pound / US Dollar
Buy Target: 1.4275
Enter New BUY on OPEN and exit BUY positions at Target price or at Stop price.
(NOTE: Adjust Stop Loss Price according to your trading risk.)
Do not reverse after exiting. This is a recommendation for INTRA-DAY TRADING only!!!
A big bearish black candle has formed. Prices closed considerably lower than open. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area, a moving average, trend line, or price resistance level, the long black candle adds credibility to the resistance. Likewise, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
The previous 10 candlestick bars, there are 2 white candles versus 8 black candles with a net of 6 black candles.
The previous 50 candlestick bars, there are 14 white candles versus 34 black candles with a net of 20 black candles.
Three black candles has formed during the last three bars. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.MACD is BEARISH as the MACD is below the signal line.
The MACD crossed below the signal line 23 day(s) ago. Since the MACD crossed the MACD moving average, British Pound / US Dollar’s price has decreased 5.28%, and has been fluctuating from a high of 1.500 to a low of 1.413.
The MACD is currently not in an Overbought/Oversold range.
There have been no divergence signals during the last 5 periods.
The Stochastic Oscillator is currently below 20. This is an indication of the security being in an “oversold” condition. No Stochastic Buy or Sell signals generated today. The last signal was a Sell 25 Day(s) Ago.
The RSI is below 30. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal generated when the RSI moves out of an overbought/oversold area. The last signal was a Buy 6 day(s) ago.
The RSI has just reached its lowest value in the last 14 day(s). This is BEARISH signal.
Currently, the Momentum Oscillator is in an oversold condition.
The last Directional Movement Indicators (DMI) signal was a BUY 163 day(s) ago.
There were no SAR signals generated today. The last SAR signal was a Sell 23 day(s) ago.
The close is currently
BELOW its 200 daily moving average
BELOW its 50 daily moving average
BELOW its 20 daily moving average
The current market condition for British Pound / US Dollar is Very Bearish
British Pound / US Dollar closed below the lower Bollinger Band by 3.2%. This combined with the steep downtrend suggests that the downward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely. Bollinger Bands are 64.87% wider than normal.