A follow-up video to the previous analysis on the GBPUSD where we scooped over 400 pips profit (see link below for reference purposes).
The US dollar continues to plunge since the beginning of the year as fear of recession mounts. To further mount pressure on the Greenback is the data from the U.S. retail sales which fell by the most in a year in December and manufacturing output recorded its biggest drop in nearly two years, stoking fears that the world's largest economy is headed for a recession. In this regard, this video shed a technical light on the current market structure where the identification of flat channel around the 1.24000 and 1.23350 will serve as a yardstick for trading activities for the new week.
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.
The US dollar continues to plunge since the beginning of the year as fear of recession mounts. To further mount pressure on the Greenback is the data from the U.S. retail sales which fell by the most in a year in December and manufacturing output recorded its biggest drop in nearly two years, stoking fears that the world's largest economy is headed for a recession. In this regard, this video shed a technical light on the current market structure where the identification of flat channel around the 1.24000 and 1.23350 will serve as a yardstick for trading activities for the new week.
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.
Trade active
The week has started on a bullish note as price action breaks out of the key level identified in the video at the $1.24000 level. However, rejection of the $1.24450 level allows a transition into a channel. So, we shall remain patient for a signal in the form of either a breakout or breakdown of the channel.Good morning
Trade active
Just as discussed during our live session this morning; secure sell positionTrade active
Bearish trendline identified to guide trading activitiesTrade active
Despite been taking out of the sell position with a small profit, we shall continue to look out for selling opportunities below the 1.24000 level using the newly identified trendline as a yardstick for trading activities for today. Update coming up soonGood morning
Trade active
Simple set-up identified in the 15 minutes timeframe as buying pressure is observed above the 1.240000 level on lower timeframes.Trade active
Secure sell position as selling pressure resurfacesTrade active
Secure sell positionTrade active
Just as discussed during the live session this morning, another position is triggered at the breakdown of the channel we identified on the 15 minutes timeframe. Secure all sell positionsTrade active
Trade active
Taken out of the newest sell position as volatility resumes across all the USD pairs. Still have an order below 1.22850... Let's see how this candle closes.Trade active
Trade active
So, the price is within the sell window identified in the previous update and we have been witnessing selling pressure from this zone in the last 6 hours. It is likely that the price might climb up a little before a reversal pattern transitions into the second wave of a potential bearish momentum. l.22350 levelTrade active
15 minute outlookTrade active
Secure sell position.Good morning
Trade active
Price action takes out all sell positions at break even and with a breakout/retest of 1.22350; we shall look out for buy opportunities. Seethe replay of our morning live session on my channel for more insight on ho to manage this trade.Trade active
Secure all buy positions as the second position was triggered at the breakout of the 1.23650 level.Trade active
UPDATE: Secure all positionsTrade active
Secure all buy positions as selling pressure resumes around the 1.24000 zoneGood morning
Trade active
As selling pressure continues around the 1.24000 level, we shall be finding sell position below this level and a further breakdown of the trendline will welcome additional positionTrade active
In anticipation of the macroeconomic events coming up in an hour (Durable Goods Orders, Gross Domestic Product Annualized & Nondefense Capital Goods Orders) - A new set-up was identified; Looking for selling opportunities below the 1.23850 level as selling pressure resumes. Ensure that the existing buy positions are secured; Watch the replay of our live session for more details.Trade active
Secure sell positionsTrade active
So, price action takes out the sell positions with a small profit as the price comes back to retest the bullish trendline at exactly 1.24000 - an area that has been a strong selling niche for participants in this market. We shall wait for this current candle to close and if selling pressure resumes below the 1.24000 level, we shall lookout for selling opportunities to join a decline. However, if a breakout/retest of the 1.24000 level happens, we plan to buy the GBP. Update coming up soonTrade active
A flat channel is identified above the key level at the 1.24000 level on the 15 minutes frame as we wait out for the signal to join the potential momentum from this juncture.Trade active
BUy position triggered at the breakout of the $1.24070 levelTrade active
Secure the current buy position as we keep the option of a sudden breakdown/retest of the 1.24000 level open for selling opportunities.Trade active
After being taken out of the buy position, price action breakdown the 1.24000 level to trigger the current sell position; secure all sell positionsGood morning
Note
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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.