A sexy bearish divergence formed just as price touched the week open (WO), giving us a clear signal to sell this baby. We could’ve jumped out at the next minor psychological handle (1.5850) for a cool 50 pips!
It looked as though the pound was gonna take another heavy beating after the U.K. unloaded its extremely ugly October retail sales report. But then the U.S. released some hideous economic reports of its own, causing GBP/USD to erase its earlier losses.
We had a solid opportunity for a couple of range plays since GBP/USD couldn’t trade beyond the previous week low (PWL) and the day open (DO). It would’ve only given us about 35 to 40 pips each time, but then again, that’s not too bad for a day trade!
Scalping was the name of the game on this day, as both the PWH and WO held nicely throughout the day. Take note that barely any reports were released, making it an ideal environment to scalp.
Another choppy day of trading on GBP/USD. It would’ve been hard making pips on this baby since it only gave us small moves to work with!
Gotta pay attention to those green lines, homies! Playing that bounce off the previous day low and aiming for the opposite green line would have resulted in almost 50 pips!
With U.S. traders celebrating Thanksgiving Day, GBP/USD just wasn’t its usual sprightly self. It traded between 1.5975 and 1.5725 and found resistance at the Tokyo high a few times.
With risk appetite on a roll, GBP/USD blew past that 1.6000 handle! If you had bought at the daily open price and just held, you would have had some decent pocket money for the weekend!
No reports, no action. Whatever interest the markets showed in GBP/USD last Friday was completely gone - the pair was dead silent! It traded within a narrow range between the 1.6000 handle and the week open all day.
Once again, Cable just ranged for the day, bouncing between the PWH and the DO. Playing that range, you could have caught a couple of 30-pip winners!
GBP/USD made its way below the 1.6000 handle before the New York session… but once U.S. traders got in on the action, the sent the pair back up to erase all its gains! We could’ve caught the day’s biggest move by trading the New York session reversal.
I ain’t gonna lie! Price action on this day was UGLY! The previous day high and weekly open did hold for a bit, but the truth is that GBP/USD traded really choppily, and it might have been best to just sit out!
Resistance at the previous week high (PWH) held like a boss, sending GBP/USD crashing down to the previous day low (PDL). That move could’ve bagged you a quick 50 pips if you had played your cards right!
Rise up! That’s what GBP/USD did yesterday! After gapping down over the weekend, buyers quickly filled the gap, and proceeded to break through all other hard levels. To be honest, it might have been a lil’ difficult hopping on the up move!
Most of the action took place at the previous day high (PDH) and daily open (DO), so we could’ve made a few pips by playing bounces off these levels. Other than that, there wasn’t really much we could’ve done with GBP/USD.
More consolidation for GBP/USD, as the pair traded within a range of less than 35 pips! The only viable setup I see is scalping off the test of the PDL late in the London session!
Playing that bounce off the PDH would have yielded you some pretty sweet pips! If you were ambitious and held throughout the day, you could have easily made around 70 pips!
Playing the break of the Asian box or the bounce off the WO would have yielded you some decent pips!
With no releases from the US and the UK, GBP/USD didn’t get moving until the middle of the London session. After an uneventful start to the day, it broke to the upside and climbed up aggressively, almost reaching the 1.6100 handle!
Here’s an example of why you gotta pay attention to that daily open price! If you had simply bought on the retest of the DO when Stochastic was oversold and aimed for the 1.6100 handle, you would have made a cool 30 pips!
