GBPUSD - Continuation or Breakout?
Analysis:
Bearish Confluences
Bullish Confluences
Stay Safe - The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We appreciate any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Bearish Confluences
- Strong downwards trend
- Broken below past major support
- Retesting a previous key level
- 61.8% fib retracement level touched
- In a descending channel
- Downwards trendline touch
- 4K long position increase for the USD
Bullish Confluences
- GBP is the 2nd strongest major currency whereas the USD is the 3rd strongest major currency
- 8K long position increase for the GBP
- 1K short position decrease for the GBP
- 4K short position increase for the USD
- Recent news for the USD has been bearish
Stay Safe - The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We appreciate any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Trade active:
Our entry requirements have been met and our order has been filled. We are short looking to see price respect this descending channel that we're in and eventually hit our take profit.
Trade closed: target reached:
Trade Closed
(+1.34R) Made
After Trade Comments:
This was a nice quick trade that we caught today. Price did hit our take profit on Friday, however due to spreads we weren't taken out, but we trusted our plan and our analysis and price ended up smashing straight through our take profit to lock this trade in. We did see price go into drawdown to begin with, however the USD strength stepped in and pushed price to the downside eventually hitting our take profit. We took this trade because it fitted out plan exactly and look what happened. The trade played out exactly as expected. We say this all of the time because it's so important to being a successful trader, but trust your plan. Put the hours into backtesting so you know your exact edge, then follow your plan to the T. Yes there will be times when you have self doubt or doubt your strategy but it's in those times when you need to fall back on the statistics and know that if you follow your plan then you'll be profitable. Something for you all to note is that every time you take a loss you're getting closer to taking a win, so think about that next time you have doubt. We went into drawdown at the start of August but in just one trade we were able to get out of drawdown. We had doubts about our strategy but we never once let them get in the way of our trading and look what happened. We're a prime example of why you need to trust your strategy and let your edge play out.
Stay Safe - The JPI Team
(+1.34R) Made
After Trade Comments:
This was a nice quick trade that we caught today. Price did hit our take profit on Friday, however due to spreads we weren't taken out, but we trusted our plan and our analysis and price ended up smashing straight through our take profit to lock this trade in. We did see price go into drawdown to begin with, however the USD strength stepped in and pushed price to the downside eventually hitting our take profit. We took this trade because it fitted out plan exactly and look what happened. The trade played out exactly as expected. We say this all of the time because it's so important to being a successful trader, but trust your plan. Put the hours into backtesting so you know your exact edge, then follow your plan to the T. Yes there will be times when you have self doubt or doubt your strategy but it's in those times when you need to fall back on the statistics and know that if you follow your plan then you'll be profitable. Something for you all to note is that every time you take a loss you're getting closer to taking a win, so think about that next time you have doubt. We went into drawdown at the start of August but in just one trade we were able to get out of drawdown. We had doubts about our strategy but we never once let them get in the way of our trading and look what happened. We're a prime example of why you need to trust your strategy and let your edge play out.
Stay Safe - The JPI Team