Despite a strong bullish trait that started the month of November 2022, the Pound has a tendency to spark further weakness following an upbeat US NFP report on Friday as price action retest a strong selling niche at the $1.23000 zone. In this video, we looked at the chart from a technical perspective where much emphasis was laid on the selling pressure identified below the 1.23000 level on the lower timeframe and as a result of this, we're able to illustrate possible structures to look out for in the new week to take advantage of a trading opportunity.
Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
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Price breaksout of the 1.23000 level to start the week on a bullish note. Will this trend continue through the week? Lets wait out for signal in the form of a trend continuation pattern to join the potetnial rally and if price drops below the 1.23000 level followed by selling pressure on the lower time frame, we shall get ready to sell.Good morning.
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Structure on lowert time frame; looking to buy at breakout/retest of the 1.23450 and sell at the breakdown/retest of 1.23360 and trendline. UPdate coming up soon
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73pips running in profit; secure position as price action is been monitored for additional entries.Trade active
180pips in profit (2 positions); secure position(s)Trade closed: target reached
TP target hit with over 280pips profit (2 positions); let's sess how price relates to the 1.21500 level for another trading opportunities. Update coming up soon.Trade active
Price consolidating as it appears to be respecting the bullish trendline. Still waiting for a signal in the form of a breakdown or breakout to join the movement. Good morning
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On the back of a profitable start to the new week, the appearance of a reversal pattern at this juncture might incite a bullish momentum as the price breaks the potential neckline at 1.22140. How far wikll this move go? Update coming up soonTrade active
Price takes out the buy position at break-even as selling pressure resumes below 1.22140 hereby breaking down the trendline one more time to signal a potential bearish momentum. For those who missed the sell trigger; an additional position is welcomed at the breakdown/retest of the 1.21500 level.Trade active
The second position was triggered as price action broke down the 1.21500 level; secure the positionsTrade active
Running just as expected, secure the positionsGood morning
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Price takes out the sell position as the current breakout of the 1.21500 level might incite a retracement phase in anticipation of a trend continuation to the downside.Note
update coming up soonTrade active
Secure the counter-trend as we await a bearish structure for selling opportunities.Trade active
Secure buy position while we waiting for selling structureTrade active
Taking out of the buy position with about 45pips profit as I lookout for selling opportunities if price does not break above the 1.22140 level.Good morning
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Quick update.Looking for selling opportunities below the 1.21850.
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Buyers continue to gather momentum above the 1.21500 levelTrade active
Second position was triggered as price breakout/retest of the 1.22140 level; secure position now and lets see what will happen in the next couple of hoursTrade active
The two buy positions running in profit; secure positionsGood morning
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Price takes out the buy position with some profit following the positive data from the PPI event. Will this be a good opportunity to sell? Well, lets wait for this candle to close as we anticipate the consumer price index coming up in 30minutes.Trade active
Selling pressure resumes
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trade smart. Trade consciously
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.