It’s all news led. Technicals only tell us what happened as a result. Hindsight doesn’t help. Only news does.
It doesn’t get any choppier than this yo! GBP/USD was all over the place and didn’t trade in any clear direction, even though the UK construction PMI printed an upside surprise.
Steady rise for the pound on this day! There were actually two chances to hop on the uptrend. First at 1.5300 and second on the retest of the previous day high. Playing these two setups would have led to 100 and 60 pips respectively if you aimed for 1.5400!
I sure hope you guys have been paying attention to those Asian box setups because this one would’ve given you a huge winner! You could’ve caught a 200+ pip move on it, son!
If you were brave enough to wait out the volatility of the NFP report, you could have bought at 1.5500 when price was finding solid support. This would have led to a pretty smooth 50-pip victory!
GBP/USD traded within a 50-pip range for most of the day because neither the U.S. nor the U.K. had any hard-hitting events on tap. Still, trading this range from end to end with a 25-pip stop would’ve given you a few chances to bag 2:1 winners!
Choppy day on Cable, as the pair was stuck in consolidation. Still, we could have caught some decent pips had we bought on the retest of the daily open and set a target at the day’s highs. This would have helped us catch roughly 70 pips!
As usual, GBP/USD was a dead market in the Tokyo session. But it came alive after the London open, bouncing off the 1.5650 MiPs for a nice little rally to the previous week high.
Tight range on Cable for the most part. Playing the bounce off 1.5700 and aiming for the next hard level at 1.5650 would have let us catch 50 pips though!
GBP/USD staged a perfect reversal under the 1.5650 handle. If you had seen the double bottom that formed there, you might’ve been able to catch a 50-pip rally to the day’s opening price!
Those hard levels sure do attract interest! A short at 1.5750 and aiming for the 1.5700 level late in the New York session would have led a to a smooth 50 pip victory!
The market favored the dollar and took GBP/USD from its opening price straight down to the 1.5600 handle. The best time to jump in on this move was the midday retest of 1.5700.
Boom baby! Thanks to the FOMC statement, we saw a ridiculous breakout late in the New York session! Selling on the break of 1.5600 would have given you a smooth 100 pips homie!
Dang, son! Now that’s some choppy action! GBP/USD didn’t trade with any clear direction, even though we saw strong UK retail sales data and some notable US reports.
Once that daily open price broke, the bears were in total control the rest of the day! Had you gone short on a break of the DO and aimed for the previous day low at around 1.5415, you could have brought home somewhere between 70 to 90 pips for your efforts!
The lack of reports from the U.S. and the U.K. had GBP/USD trading all cray-cray! Price action was extremely choppy, but the pair did manage to close the weekend gap and finish above Friday’s close.
This is why you gotta pay attention to that Asian low! The level attracted tons of interest on this day, making for some great scalping opportunities. To catch the full move though, you would have wanted to short at the PDH and held until price dropped to 1.5400. That would have given you a nice 65-pip profit for the day!
We had two sweet chances to sell the pound on this day. We could’ve either opted to sell at the break of 1.5400, or short after the U.S. GDP was released.
Today would have been the perfect day to use our Fib tools to catch some pips! We could have gone short at the 38.2% Fib, which lined up closely with the previous day low. Then, using the Fib extension tool, we could have set our target for a 100% extension to 1.5213. This would have let us go home with a smooth 80 pips!
Nothin’ much happening on GBP/USD until the New York session. It was chillin’ in a tight range until it was revealed that the University of Michigan consumer sentiment report was revised higher, sending GBP/USD lower.
