Hi guys,
I am about to trade GBPUSD this week. I am doing it on two ways:
Sell this pair when it goes under the larger support line back in March.
Sell the rebounces when they are showing weakness.
I’m simply trying to see if my mentality is at least the correct one. I understand that trading methods vary from individual to individual, however I don’t think that the basics should be wrong when trading.
Glad to see your help and participation!
Wllen1
you can short the breakout at around 1.475 - 1.48 but the problem is the stoploss and the profit level…
if u short immediately, it’s very hard to set up a good stop loss point, maybe 500 stop loss at around 1.534 but that’s just absurb for a stop loss point…
or you can wait for the breakout then wait til it retraces back to the breakout area (1.475 - 1.48) then uses the breakout point as the stop loss point which minimizes risk to a bare minimum
as for ur 2nd option…this is a bit hard to find the proper point to sell…
in conclusion…im bearish on this pair as well but just have to wait for some nice setups with less risk involved
also, another way to trade this pair right now is buying at around current price which is near the bottom of the support…
since it’s so close to the support, the stoploss is very close which reduces the risk to the bare minimum but the reward can be very high…
this idea is assuming this pair isn’t going to be in a trend and goes back to range trading…
of course it’s better to wait for some confirmations, but this is a possible idea which you can think about
Hello again guys,
Today I decided to not put any trade because I don’t see any good setups from any major pair. Even though I haven’t been trading for two weeks (!!!) now for the same reason, I don’t wanna pull the trigger just to pull the trigger.
However, I’d still like to show you why I chose not to trade with some pictures.
1, USDJPY
Although showing some weakness, the Doji found the little support almost exactly at the place of yesterday. It’s a bit ugly to short the pair since BOJ is printing bills, the market is seriously bullish on this one and for two days in a row, the pair found support at the same level.
2, GBPUSD
The Pound is under a ton of pressure to go short. However, this pair seems to have found some support for now and looks to be going for a rally. I’ll find reversal patterns like pins, hammers and false breakouts to sell this pair.
3, USDCAD
I didn’t find anythign interesting about this pair. No pattern spotted, no level of resistence spotted, it’s a tight, clumsy mess.
4, AUDUSD
This pair has been in a selling spiral for quite a few days now. I don’t want to trade this pair for now, since the daily candles show that a rally is currently in play. However, on the 4HR chart. it seems that there are some intense inside bars there, and a false breakout could trigger some enormous movements. But for now, as long as I don’t see the false breakout or some other patterns, I do nothing.
There is no apparent light at the end of tunnel for the selling spiral of the AUD, but I absolutely need to see a rally and a reversal pattern in this rally to start selling this pair. By the way, I missed the June 25th-26th pinbars… Ah well.
That’s it for my analysis of today’s market! Thoughts, anyone?
Wllen1
