maybe it could make a flag pattern
Nice chart you got there my man! You lookinâ to buy?
Donât sleep on that weekly open! It often times serves as an area of interest throughout the week! Playing that level yesterday could have give you some decent pips!
The Tokyo and London sessions were highly uneventful⌠but action picked up in the New York session as we saw GBP/USD swing up and then swing sharply back down.
Going long on the break of the Asian and consolidation and aiming for the previous dayâs high could have yielded you some decent pips!
The release of better-than-expected U.K. manufacturing data led to a strong GBP rally⌠but it wasnât quite enough to get the pair above the previous week high (PWH).
Once again, that PWH and 1.5900 resistance zone held pretty solidly! Did any of you try scalping off that area?
Both the previous day low (PDL) and previous day high (PDH) were tested on this day, but neither of them held very well. GBP/USD was all over the place!
As expected, yesterdayâs big events (BOE and ECB rate decisions and U.S. non-manufacturing PMI) saw GBP/USD boogie all over the place⌠but in the end, the pair settled right above the previous day high (PDH).
My trading results for GBPUSD was less ideal than EURUSD. However, i got out with small to slightly moderate losses.
The key to maintaining small losses is to discipline oneself to keep stop losses small. If there is a holy grail to trading, i guess this is the golden rule. Get out with a small loss and try again later. Good that my small losses here are covered by the huge win in EURUSD.
The big swings that we saw in the London and New York sessions (thanks to the NFP) made up for the total snoozefest in the Tokyo session!
Similar to EURUSD, GBPUSD is also confined within the rising channel. Furthermore, there is a whole new large 500pips price area for the market makers to play within. I dubbed it as âthe new playground.â
The new playground is from 1.5800-1.6300. Why is this a new playground?
â˘There is plenty of white empty spaces between 1.5800-1.6300.
â˘Prices has not been seen in this area for a long time.
â˘Like water, prices follow the path of least resistance. And the path is between 1.5800-1.6300.
â˘Market makers may want to fight it out here and establish their new supports and resistances within this zone.
As long as price remains within the rising channel, we should expect a re-test of 1.6300.
This goes to show why you should mark out the daily opening price! Cable retested it not once, but twice yesterday!
Awesome chart ForexMindGames! Iâm interested to see how price reacts to the hard levels (1.6100 and 1.6200) before it tests 1.6300!
hey BigPippin,can you recommend abook that explains the price action?
your helpâll be highly appreciated.
Hi, Jami! Youâll find a list of trading books (on assorted topics) that are highly recommended by fellow traders in [B]Pipcrawlerâs thread on his favorite trading books[/B]. Hope that helps!
The week open (WO) and previous day high (PDH) tried to keep pound bulls in check for a while, but these levels eventually gave way and GBP/USD made its way up past the previous week high (PWH).
Hey BigPippin,thanks alot for your reply.
No problem homie! Hope you find the chart reviews helpful!
After breaking off for new highs just after the London open, Cable dropped back to retest the PDH, which held like a charm.
