Good Day Traders, I hope all is well.
These are my thoughts for GBP/CAD.
After a strong and lengthy downtrend price has begun to exhaust and has found a strong level of support. The market is creating a series of downside wick rejections on the 1hr and 4hr timeframe , indicating strong buy pressure.
Stop trying to always being right. I myself have lost...
Good Morning Traders. I hope everyone has had a great week so far.
These are my thoughts for GBP/USD.
After a strong push to the upside momentum is finally starting to exhaust. I expect price to correct before continuing on an uptrend.
Reasons for trade:
- Strong wick rejection on 1hr indicating sell pressure.
- Price over brought
Trade one pair at a time....
EURGBP pair has just made another lower-low on H4 thereby inviting more BEARS (lol!). A retracement to 0.90473 and 0.90621 could be a good sell entry for a nice profit. Better sell entry will be established on lower time frame possibly in the London session tomorrow.
PLAN YOUR TRADES AND TRADE YOUR PLANS
All the trackers bar the Nikkei are up today but I'm trade the prevailing negative news stories in anticipation of more negative back and forth with Korea and with the equatorial weather in the west.
buying the 5min bar break would have made 12 points. We have not broken the 1h bar yet.
News is the dominating factor in the FTSE and markets react quite negatively to Trump, Tweets and Tyrannical twats so I'm short. It was risky to buy the oversell at open because last time we did that it went immediately in the wrong direction but today it worked.
If you bought the opening 5min bar break you made 13 points. The 1h bar is not broken but I'm...
No reports published today but Dragi is speaking after the close.
The Nikkei and DAX are up about .2%. I'm long so I put a target in for the 8-9am range which broke straight away.
The 5min bar at open was breached down but only for half bar length so y'all might have got out at break even.
The market turned at 9am but didn't break the 8-9 range. It's unlikely so to do unless there's news.
Otherwise we will drift back up to the linear average I've put under my chart in yellow. It's a very clear and safe way to place swing trades, even with quite a close stop.
Reversing the opening spike didn't really profit anything but selling the 5min bar break...
We are rather a precarious position at 9am...resting on the 7400 mark and refusing to go through and being forced down by the 7415 high of Fri during which y'all should have been selling because of all the articles Thurs night about the strong pound.
I'm looking at the 12th and I think that a break up is most likely even though we never did close those gaps last week.
Had to wait till a bit after 9 to get our channel today. An extended move down for 50+ points cam in. Not sure why yet - I've been tuned out of the news for a while. Needless to say I have bought this oversell.
There was a slow spike down this morn but it was an option.
Selling the 5min bar breakout worked.
We may be likely to get a clean break down from the 8-9am bar. We also have a Pivot and Friday's gap drawing the price down to 7350.
Opening spike was non existent and 5min opening bar break down was worked for 11 points.
We have a gap to close upwards but the volatility was so low 8-9am that we will likely get this position filled before the gap closes. I hate trading these because my gut always says why sell the lowest of the day? But these trades do have a high probability.
I started these on the oanda chart because the prices are nearer the fxcm prices but I shall continue daily analysis on this chart now.
London open scoped the range 20 points so we are targeting 20 on top of the high plus 2 points so 7497 ->7517 roughly.
typical. The 5min break down didn't reach before turning around to scope a channel trade. But even that is changing scope. Here's an example of the 1H break going up. Volatility is low so 7515 looks likely.
I'm going to start with a london open trade. A classic, the 5 min bar break. I'll also look at an 1hour break later on.
5min bar break - once the price moves beyond the range of the london open 5mins by 2 points, trade in that direction for the length of the opening 5 mins. Valid for 1 hour otherwise mmtm is too weak.