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This is a quick review about EUR/USD and GBP/USD:
GBP/USD
Sellers capped the market just before 1.4950 and kept pushing it lower until reaching 1.4704. Not to be outdone, buyers then grabbed hold of it, but failed to get through 1.4950 and today we are a little lower.
Below 1.4765 sees sellers once more head for the downside with 1.4708/04 once more targeted. Buyers will automatically defend this support as it is the first longer term retracement target. However if sellers want to end the week on a weaker note they will try their hardest to push the market down through 1.47 for 1.4620/16. However buyers are expected to stand firm at the 1.4708/04 level and they will not be defeated easily. As they will defend so religiously if they cave and the sellers win it will be quite a quick move lower to the stated support of 1.4620/16.
Now if current level holds and 1.4825 breaks, once more you are looking at 1.4950. Profit taking will emerge. If buyers break 1.4960 look for 1.5068/88.
Source: FXstreet and Charmer Charts.com
do u trade on labour day? since all banks are on holiday on friday. or do u still trade but use the 5min chart instead?
i made 110pips using the 5min chart on G/U. It was a 5 standard lot trade. Not a bad trade.
Hi Shaun,
Congratulations on your trade!!. I guess you picked up the perfect entry on the 5m trendline broken, at around 8:20 GMT (after London open) and stayed in the trade till the price reached the 1.4900 (double 0) level. That’s 5,500.00 $ in 5 standard lots. Congratulations again. Please report more details of your entry and exit.
Regards,
i am just wondering if your technique is so good, why aren’t u a billionaire yet?
Hi Shaun,
Nobody in financial markets becomes millionaire overnight. It’s a painful process and takes time to build up your account. (as long as you are responsible and your main goal is to protect your account)
Regards