*** Intra-Daily Trading Strategy: BUY British Pound / US Dollar
Buy Target: 1.2530
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 bullish white candle has formed. Prices closed considerably higher than open. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off a support area, a moving average, trend line, or retracement level, the long white candle adds credibility to the support. Likewise, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
The previous 10 candlestick bars, there are 6 white candles versus 4 black candles with a net of 2 white candles.
The previous 50 candlestick bars, there are 26 white candles versus 23 black candles with a net of 3 white candles.
MACD is BULLISH as the MACD is above the signal line.
The MACD crossed above the signal line 3 day(s) ago. Since the MACD crossed the MACD moving average, British Pound / US Dollar’s price has increased 1.03%, and has been fluctuating from a high of 1.249 to a low of 1.224.
The MACD is currently not in an Overbought/Oversold range.
There have been no divergence signals during the last 5 periods.
No Stochastic Buy or Sell signals generated today. The last signal was a Sell 31 Day(s) Ago.
The RSI is not currently in a topping (above 70) or bottoming (below 30) range. A buy or sell signal generated when the RSI moves out of an overbought/oversold area. The last signal was a Buy100 day(s) ago.
The RSI has just reached its highest value in the last 14 day(s). This is BULLISH signal.
Currently, the Momentum Oscillator does not show an overbought or oversold condition.
The Directional Movement Indicators (DMI) currently is not indicating a specific price direction. Because this is a trend following system, it should not use to initiate any trades right now. The last Directional Movement Indicators (DMI) signal was a BUY 77 day(s) ago.
There were no SAR signals generated today. The last SAR signal was a Buy 3 day(s) Ago.
The close is currently
BELOW its 200 daily moving average
ABOVE its 50 daily moving average
ABOVE its 20 daily moving average
The current market condition for British Pound / US Dollar is Mildly Bearish
British Pound / US Dollar closed below the upper Bollinger Band by 16.4%. Bollinger Bands are 32.17% narrower than normal. The current width of the Bollinger Bands (alone) does not suggest anything conclusive about the future volatility or movement of prices.