Forex Strategy - Forex Update: Selling GBPUSD into the Resistance Zone and Trend Line



To Get Ross' Free Forex Trade Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=forex_strategy&ad=3Rf-_ucrdMg First off, starting here on the Euro versus the US Dollar [EURUSD]. This was yesterday’s trade analysis during the morning analysis video, looking for sells on rallies into resistance. I think we justified pretty well the reasoning behind the resistance levels that we were looking at and the potential entry levels that we were looking at. The 200-period moving average coming into play right around the 1.1045-level. We had some Fibonacci in that same zone. We had this rising green trend line in that same zone. We had historical resistance where the blue circle is, all in that same area into the 1.1045 or so level. So, as you could see down here at the very bottom of the chart, we have a trade going at the 1.1045-level. It is a sell. A short from that blue-shaded area. Currently sitting about 65 or so pips of profit on the trade. We’ve seen a little bit more as the market pushed back down into the support zone. The trade has been moved actually better than break even. I have moved the stop loss now to lock in 20 pips. So, it’s a winning trade all the way around. We’ve locked in 20 pips. Even if the market turns around suddenly and goes back up, it’s very likely we’ll get taken out with profit on the trade. There’s been some opportunity also to close some of the profit into the first target support zone. Let’s zoom it in a couple of times here on the daily. You could see there’s the blue-shaded area. Our entry of course is up here towards the top of the blue-shaded area, and you could see it’s already pushed all the way down from that 1.1045-level, all the way down here, seeing about 90 or so pips of profit as it touched into the orange-shaded area down here. Of course that orange zone down there is your current support. And for us to see further profit on the trade, it will need to break down through that orange zone, likely through the 1.0930-level if we’re going to see some more profit. It is possible we see this take a turn higher again, so definitely want to protect profit. But my stop loss is locked in with 20 pips on the trade suggestion from yesterday’s trade analysis video. Let’s move on over to the USDJPY. We’re looking at the four-hour timeframe. We’ve been studying this black box on the chart, down at the bottom of the downtrend. The black box representing a period of ranging here for this currency pair. We saw the double tap down here into the 111-level. And ever since touching that 111-level, we have found support into this green-shaded area between 111.95 and 112.40. That’s just around or just above the 112-level. But anyway. That green zone holding as our support and yesterday no different. We see it holding as support again. Let’s go ahead and zoom it in one more time here on the four-hour timeframe, so you can really get a sense of this. Take a look. There’s your green-shaded area down there at the bottom of the chart. Yesterday, in the Trade Room, potential buy opportunity on any dips into the green zone and you could see I’m in at 112.32. The trade was placed down here at the bottom, into the green zone and we have been taken into the trade. Currently sitting with 16 pips. We’ve actually seen a little bit more. Enough to take the trade to break even. So, my current trade is at break even. That’s typical with the trade manager that I use here on the chart to manage the trades for me. It has taken me to break even when I see more than 20 pips of profit. So, we have seen more than 20 pips of profit on this trade and have been moved to break even. If we get some bullish momentum out of this currency pair today, it can start to get some upside. The target of course will be, or at least the first target will be the orange-shaded area, all the way back up here at 113.20. Of course that would be approaching the 100 pips of profit if it makes it all the way back up there to the orange zone. So, I think today we’re still focused on buying the green zone, targeting the orange-shaded area as our main focus for the USDJPY. And that all changes likely if it presses under the green zone, so that’s the risk in the trade. Of course there’s no risk if you’re locked in at break even as I am. So, we have two positive trades here for the past couple of days, so I hope that that has been something that you have been able to take advantage of. https://www.youtube.com/watch?v=3Rf-_ucrdMg

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