Weekly Analysis on Great Britain Pound / Japanese Yen: Week 13
DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Ok, so this week I managed to make all the trading mistakes in the book. Took huge losses but somehow that fuels me up to make bigger gains and get back on track. I feel like now that I am not afraid to loose money, I have an open road ahead of me to MAKE money. So lets get an analysis going here.
Weekly:
I decided to go first with the weekly chart because I spotted an ascending channel, as seen here.
Daily:
If we take a look at the daily we see that about 2 weeks ago the price hit the bottom part of our channel, and bounced back. It has been making higher highs and lower lows, although the las higher high was at a previous resistance area of 150.155, and rejected it. Also price is not over our MA.
4HR:
Price closed this week below our MA, and rejecting a previous resistance area around the 150.155 area. But it didn't break a support area I had drawn around 147.905.
I believe that this pair will follow its structure and continue to move upwards.
Ok, so this week I managed to make all the trading mistakes in the book. Took huge losses but somehow that fuels me up to make bigger gains and get back on track. I feel like now that I am not afraid to loose money, I have an open road ahead of me to MAKE money. So lets get an analysis going here.
Weekly:
I decided to go first with the weekly chart because I spotted an ascending channel, as seen here.
Daily:
If we take a look at the daily we see that about 2 weeks ago the price hit the bottom part of our channel, and bounced back. It has been making higher highs and lower lows, although the las higher high was at a previous resistance area of 150.155, and rejected it. Also price is not over our MA.
4HR:
Price closed this week below our MA, and rejecting a previous resistance area around the 150.155 area. But it didn't break a support area I had drawn around 147.905.
I believe that this pair will follow its structure and continue to move upwards.
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