Hello everyone,
For this week I have picked up a few currency pairs that might yield us some nice profits, but for now I am monitoring them and will post a plan if I see a good possibility. I am sharing with you this plan based on the GBP/USD. The pair is moving in a downtrend all the way back from 2014. On the Weekly time frame the price reached a previous range area, which now acts as a resistance to it. On the Daily time frame the uptrend which can be considered a correction at this point, based on the Weekly, started in March this year. After finishing the first wave it went in to a correction period in May and June, before resuming a new uptrend wave which broke the previous top made by the first movement, but did not go much higher. In July the pair started diving down getting back below the top of the first uptrend wave, almost reaching to a strong support area. The past week the pair gained back up and is currently standing below the top I mentioned above, which has a possibility to act as a resistance area, like it did in the past. I am more inclined to look for Sell opportunities and a movement down would confirm me that the correction on the Weekly time frame is sort of finished. Just in case I added two possible scenarios including Sell zones reaching all the way down to the big support area at around 1.2600 and if the resistance area is broken we have 2 possible buy zone reaching to the previous top the price made at around 1.3270. Below you can find the exact zones in prices. I have divided the Buy Area and Sell Area in to 2 zones due to possible H4 trend stoppage lines. Those are the spots which will be our Target 1 areas and will be monitored closely for a reversal.
Sell zone 1: 1.2985 to 1.2840
Sell zone 2: 1.2825 to 1.2665
Buy zone 1: 1.3050 to 1.3150
Buy zone 2: 1.3165 to 1.3265
As usual the plan will be traded on the M30 time frame, where I will look for spots and I will post Live Signals on our Twitter page.
After all we are still looking for our next “BOOM” trade.
I will also post a few more possible scenarios by the end of the week.
I wish you all a lot of luck and a profitable September. :)
For this week I have picked up a few currency pairs that might yield us some nice profits, but for now I am monitoring them and will post a plan if I see a good possibility. I am sharing with you this plan based on the GBP/USD. The pair is moving in a downtrend all the way back from 2014. On the Weekly time frame the price reached a previous range area, which now acts as a resistance to it. On the Daily time frame the uptrend which can be considered a correction at this point, based on the Weekly, started in March this year. After finishing the first wave it went in to a correction period in May and June, before resuming a new uptrend wave which broke the previous top made by the first movement, but did not go much higher. In July the pair started diving down getting back below the top of the first uptrend wave, almost reaching to a strong support area. The past week the pair gained back up and is currently standing below the top I mentioned above, which has a possibility to act as a resistance area, like it did in the past. I am more inclined to look for Sell opportunities and a movement down would confirm me that the correction on the Weekly time frame is sort of finished. Just in case I added two possible scenarios including Sell zones reaching all the way down to the big support area at around 1.2600 and if the resistance area is broken we have 2 possible buy zone reaching to the previous top the price made at around 1.3270. Below you can find the exact zones in prices. I have divided the Buy Area and Sell Area in to 2 zones due to possible H4 trend stoppage lines. Those are the spots which will be our Target 1 areas and will be monitored closely for a reversal.
Sell zone 1: 1.2985 to 1.2840
Sell zone 2: 1.2825 to 1.2665
Buy zone 1: 1.3050 to 1.3150
Buy zone 2: 1.3165 to 1.3265
As usual the plan will be traded on the M30 time frame, where I will look for spots and I will post Live Signals on our Twitter page.
After all we are still looking for our next “BOOM” trade.
I will also post a few more possible scenarios by the end of the week.
I wish you all a lot of luck and a profitable September. :)
Order cancelled
The pair covered both Buy Zones we set for it and continued even above them. Trading is cancelled on this plan.
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.
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.