Short

Updated

GBPUSD | Perspective for the new week | Follow-up

The breakdown of both the key level at 1.14000 level and the bullish trendline during the course of last week's trading session might be a sign that the sellers still have a say in this market. Though, the Pound rallies 1.9% on the last day to close the week near 1.1400, with this development I am of the opinion that we remain patient to see how the price will be relating to this current structure before making an informed decision. There is also a high-impact event coming up later in the new week hence the need to see how participants will anticipate this event is very important.

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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

Price action started the week on a bearish tone but later fell into a consolidation phase. Considering the bearish trend line, the current structure insinuates a possible trend continuation to the downside. However, it is important to wait for signals.

Good morning

Trade active

A final breakout of the $1.14000 level (sharing a confluence with the trendline) might be a bullish signal at this juncture. Let's see if the market will present another opportunity to join the potential rally at a retest of structure. Or could the breakout turn out to be a false one where a reversal pattern here will probably send the price crashing?

Trade active

In the last 6 hours, the price has been caught within the channel 1.14750 and 1.14390 which emphasizes the indecision in the market. We await either a breakout or breakdown to take a trade.

Trade active

15minutes timeframe

Trend continuation pattern confirmed as price breaks out of the $1.14750 level to set the tone for a possible bullish moementum.

Trade active

Price action moved over 60pips in our direction before the selling pressure around the 1.15400 area took out the position with a small profit. Price action is still being monitored as the possibility of a retracement phase could happen at the breakdown/retest of the $1.14750 level. Update coming soon

Good morning

Trade active

For the sell position, it's appropriate that the stop-loss is moved to break even (to protect position) as buying pressure is observed right around the bullish trend line which also shares a confluence with the 1.14390 level. This buying pressure could lead to the beginning of the second wave of the bullish momentum that started this week.

Trade active

70pips in profit as price action breaks out the 1.154000 level hereby respecting the bullish trendline and it appears as though a retest of this structure @ 1.154000 level will be an opportunity to add one more position to the existing buying a reversal pattern (buying pressure) on a lower time frame. Secure position now

Trade active

Buying pressure continues around the 1.154000 area; ensuring position is secured.

Good morning

Trade closed manually

Following the selling pressure around the 1.15400 area; the buy position was taken out with about 50pips profit. At this point, it is worth noting that continued selling pressure below the 1.15400 area could incite a retracement into either the retest of structure broken or the 1.14000 level. Its might be an opportunity for scalpers and counter traders at breakdown/retest of the 1.154000 level.

Trade active

For counter-trend traders, securing the sell position

Trade active

It's time to secure the sell position as buying pressure surfaces at the end of the test of the trendline which shares a confluence with the 1.14000 area as projected this morning. So, let's look for buying pressure on the lower time frame to join a potential but if a breakdown of the trendline happens then this could welcome another opportunity to add to the sell position.

Trade active

Ensuring that the position is secured as price action remains around the 1.14000 area. So, I am looking forward to two scenarios today;
i. A retracement into the sell window before the trend continuation begins to the downside.
ii. Identification of a reversal pattern around the 1.14000 on the lower timeframe followed by selling pressure below this structure will welcome additional positions.

Good morning

Trade active

Securing the current position as buying pressure surfaces

Trade active

UPDATE

Securing position

Trade active

Over 250 pips in our direction as we continue to monitor price for an opportunity to add position to the existing trade.

Trade active

Over 450 pips in total since the beginning of the week. At this juncture, we secure the current position and at the moment it appears another opportunity to add to the existing trade is unfolding as price breaks out of the $1.16850 level.

Trade active

Following the activation of the second position above $1.16850, it is appropriate to secure the two positions because of the possibilities of selling pressure around this structure to incite a retracement move.

Good morning

Trade active

UPDATE

Securing position

Trade active

Looking forward to adding one more position at breakout/retest of the new structure at 1.17750 while the current position running is secured.

Trade active

UPDATE
Second position triggered; secure position

Trade active

It has been a profitable week... Congratulations to everyone who took part in this movement!

Happy weekend to you

darcsherry

Trade smart. Trade consciously

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