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Great Britain Pound vs Singapore Dollar

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GBPSGD trade ideas

GBPSGD: Interesting long opportunityWe have an interesting setup in GBPSGD, look to enter longs at market open, on dips to support or if we get new highs. There is potential for the weekly uptrend to resume as well, but ideally we'd want to see price move in our favor right away. As usual, risk a max of 1-2% on this trade if you take it. Stop loss orders should be below Friday's low to be conservative. It's important to give trades just enough room to work. Good luck! Check out my updated track record here: pastebin.com If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year. Cheers! Ivan Labrie Link to Tim West's chatroom: www.tradingview.com We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask. Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.57% on such information.
Long
by IvanLabrie
5
Nice opportunity to jump into the ride. Fundamentals This pair is fundamentally long, that is because turmoil in international markets along with pressure from the SGD's neighbor in China, might cause a selling pressure on the emerging market to face off the negative global trade effects, which is another play for currency wars, especially that Singapore mainly depends on global trade which is poised to fall along with slowing global growth and increasing uncertainties. Technicals I usually trade medium term price action patterns. I also treat trading as a way of creating wealth and not a way of income, by that I avoid day trading. OK! so looking at the Weekly chart along with the "Line Break" candles, I identified major resistance and support areas that we should be aware of. The Daily 200 and 50 daily moving averages are trading below the pair price, and are also pointing upwards, giving us a bullish bias to take on this long ride. Breaking out Since 2010 this pair has been trading in consolidation and only broke out in August of this year. The red bold dotted line shows the major break out area of the major resistance @ 2.1428. Prices tested that level in 2010 and was tested again in July,2014 however both times failed at breaking this area. Then prices fell to test the 1.9951 shown in the shadowed area and created a double bottom, rejecting to fall further. Then, In August prices finally pushed up and closed above that area adding to our bullish bias on this pa Trade Now that prices broke out to the upside, they retraced to re-test the previous resistance which is now the new support @ 2.1428. I will take half of my position in the long side at this point and will add further positions to make a full trade after breaking above 2.2300. My target for this trade is 2.40, I usually set my stop loss to not lose more than 2-5% of my account value, depending on the pair's volatility. Thank you happy trading.
Long
by hussein.ahmed