GBPSGD trade ideas
GBPSGD dark days for Sterling.I had initially thought that the end of wave 3 could in fact have been the end wave 5, but alas I appear to be wrong. GBPSGD seems intent on continuing downwards. I have picked the 50% extension of waves 1-3 as the likely endpoint just because it seems to fit the channel.
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!
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Momentum Breakout Bullish Trend Momentum Breakout level on the 1.9800 level where there are 3 touches to the point. Good opportunity to buy when breakout happens.
Bullish trend and also the pounds push back from the start of the week.
Short GBPSGD 1.9720 but wait for next week candle confirmationShort GBPSGD 1.9720 but wait for next week candle confirmation
570 PIPS TRADE -SELL GBPSGD NOW (WWW.FXGENIE.COM)SHORT TRADE :
Entry : SELL @ 1.9570
Target : 1.9300,1.9000
Stop : 1.9750
Risk Level : LOW
RR ratio : 1:3
For more signals : www.fxgenie.com
SELL SELL SELL - LOW RISK TRADESHORT TRADE :
Entry : SELL @ 1.9740
Target : 1.9450
Stop : 1.9925
Risk Level : LOW
RR ratio : 1:2
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.
