Tight consolidation during yesterday’s Tokyo session. Would have been perfect for those of you who like to scalp!
The pound’s initial rally after the release of stronger-than-expected CPI didn’t last. Sellers jumped back in at the previous day high and sold the pair back down to the day’s opening price!
The 1.5720 resistance level has been holding strongly wouldn’t you say?
I really love what you’re doing! Where can I find the other threads with EUR/USD and AUD/USD? Thanks a lot man :59:
Hey fedegmail, here are are the threads for EUR/USD and AUD/USD -
EUR/USD - 301 Moved Permanently
AUD/USD - 301 Moved Permanently
Seems like the summer season is really taking its drag on price action! The pair stuck within a tight range and found solid resistance at the 1.5700 mark!
Actually if you scroll up to the daily time frame, you can see that this pair’s been stuck within tight consolidation the past couple weeks now. A breakout might be just around the corner!
According to monthly statement $GBPUSD is going to go up… 1.581 $GBPUSD
The better-than-expected U.K. retail sales report triggered a massive rally on GBP/USD that lasted well into the New York session. Money in the bank, son!
Sorry for the delayed update folks! Here’s the review for last Friday’s price action on GBP/USD!
Cable traded lower throughout the day but if we were crafty enough, we could have caught a decent payday catching the slight bearish divergence setup!
Action on GBP/USD was quite limited. Boooring!
Thanks to rumors of the ECB implementing a yield cap, higher yielding currencies like the pound rallied hard yesterday! 1.5800 baby!
The FOMC meeting minutes turned out to be a huuuge party starter! It led to a broad-based dollar sell-off that saw GBP/USD break out of its range and climb past 1.5850.
That sweet bearish divergence just above 1.5900 could have yielded you some decent pips if you played it. Were you able to catch it?
One of my best weeks trading GBPUSD. My bias for GBPUSD was on the bullish side. And i was expecting GBPUSD to finally break above the 1.5780-1.5800 pivot zone by this week. I woke up at 5am on monday morning to trade the monday opening! Why my bullish view? See daily chart below. What do we see on the daily chart?
- There is a bullish trendline.
- Price touches the trendline 3 times.
- There are 3 higher lows.
The price action is telling us that the buyers are stronger than the sellers. Each time the price drops to a lower level, there are strong demand. And the buyers buy up and push up the price.
Here are my trading results for GBPUSD. This is one key to successful trading. Always keep your losses small or at breakeven, always let your profits run. Trading is a mind game.
Finally a breakout on GBPUSD!! This 1.5780-5800 resistance zone has been a major pivotal point since Nov 2011. Will the bulls be able to hold onto their victory? I am cheering for the bulls this week.
If price retraces to re-test the 1.5780-5800 level, i am expecting strong demand to appear. The strong demand should push GBPUSD up and continue on its bullish trend.
LONG GBPUSD @ 1.5780-5800
Stop loss below 1.5750
Final target profit 1.6300
Nice setups there, homie!
GBP/USD ended up about 50 pips lower as the U.K. revised GDP report printed a 0.5% contraction… just as expected!
With London traders off on holiday, Cable trading was pretty much dead! Scalping off the 1.5800 level would have been your best bet!
A bullish divergence formed right before GBP/USD popped up above the day open (DO). Going long then would’ve given you a pretty good day trade because the pair didn’t find resistance 'til it hit the previous day high (PDH)!
