To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=how_to_trade_forex&ad=_ndLGzagMXA Take it over here to the Greater British Pound versus the US Dollar [GBPUSD]. Of course over the past many weeks we have seen a significant fall off. Of course with the Brexit news several weeks ago, we saw the significant fall off. For the most part, we’ve been sort of bouncing around in here, and I might even widen that black box out later on during the Trade Room to a larger range, but you could see the resistance for the most part, top of the black box, and the support down at the bottom of the chart into the orange-shaded area. It’s going to be easier to see when we zoom it in a couple of times here. Resistance at the top of the black box. The pink zone has been in pretty much a free fall for the past several days. Touching down here, 1.2875. Yesterday, during the Trade Room, I told you that – during the live Trade Room I told the attendees that – if it broke underneath the orange zone, we’d look for it to go lower, but it was imperative that it broke that orange-shaded area and the 1.2875-level. It obviously never did that and now we see the rally back higher into resistance. I also say during the live Trade Room quite often that if you’re going to sell anything in the direction of the trend, momentum and sentiment, you want to sell it at a higher price. You want it to go up to give you an opportunity to go short for the currency pair, and that’s exactly what’s happened over the past several hours. Let’s go ahead and take it down to the four-hour timeframe. Zoom it out one time, so you could see this red trend line here. We could see the falling, red trend line indicative of the short-term or near-term downtrend that we see here. We saw the market rally into the purple-shaded area, into the 1.2990-level, just underneath the 1.3000-level. We see resistance back here. We see congestion back here. We see support. So, we know that that purple-shaded area is going to be a decision zone, where the market makes a trading decision to buy, sell, enter and exit. So, what we can do is make a similar trading decision. And in this case, lower risk means that we’re looking to go short into resistance underneath the 1.2990-level. If you look at the bottom of the chart, I have a sell, 1.2990, that I got into right at the bottom of the purple-shaded area. Protecting profit, looking for it to go lower here. In this case, our risk is a break above the purple zone, so your stop loss should be above the purple-shaded area. That is 1.3020, is the top of the purple-shaded area, so you’d want to get above there, maybe even going to 1.3030 or 1.3035 on your stop loss. So, you’re only looking at about a 40, 45, maybe a 50-pip stop loss if you got into the trade just underneath the 1.3000-level. We’ll target back down to 1.2950, the green-shaded area. And if it gets significantly bearish today, maybe even looking for a new low for the GBPUSD today. https://www.youtube.com/watch?v=_ndLGzagMXA Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.
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