To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=trading_forex&ad=erEdRCZ22mk One last trade that we did yesterday was the USDJPY. We took a buy into the yellow zone just above the 100-period moving average and where the red trend line is. That is into the 1.0060, 1.0075-level. So, let’s zoom it in a little bit here, and you could see where that is right here in the middle of the yellow-shaded area. We took the buy at 1.0070. The market went up. We saw over 20 pips of profit. Came back down. Took us out at break even and then went right back up to the green-shaded area. So, we’ve been in profit and now out of this trade, and you could see the way that worked out. We got into it. Settled out for quite a lot time. It went up. We saw profit. It came right back down, took us out of the trade at break even, and now it’s going back up again. So, at least at this point, we’re going to stay out of this one, waiting for a new opportunity. Again, always the opportunity to go long is better at the support than it is at the resistance. Let’s move on over to the GBPUSD. This currency pair has been in an area that we’ve been studying. The black box on the left-hand side. You could see orange, purple, blue. We see support at the blue zone. That’s important for us today. Support at the blue zone in the black box on the left-hand side of the chart. The black circle in the middle of the chart here shows us support at the blue zone. Why is that important? Because that’s where we are right now. So, we know that the blue-shaded area, 1.2125, 1.2155 is support. We even see it four days. The previous four days finding support here. So, what we need to see is a breakout scenario. I think it’s promising right now. This bearish engulfing candle, if you will, right here coming from the purple zone to the blue zone, but I want to be confident. I don’t want a false breakout. Let me go back a little bit to that black box on the left-hand side. Take a look at this. We saw five times where it spiked underneath that 1.2125-level, that blue-shaded area and that black box. Spiked underneath it and then reversed and went back up. So, what’s it going to take for us to be confident it’s going to go lower? Well, we need a breakout underneath that blue-shaded area. Even here. Look at this. How many times? Five days, and look how many times it spiked underneath the blue zone before turning around and going back higher. So, we need to be careful that we assume that this a breakout. We want a real breakout. For me, that is an open and close underneath the blue-shaded area. Even if we take it down to the four-hour timeframe, get it back to our current candle. We see that there’s no open and close yet underneath that blue-shaded area. So, that’s what I’ll look for today. An open and close underneath this blue zone. Even if you just take these last lows around 1.2155, it hasn’t opened and closed yet underneath there as well. So, we need an open and close underneath it if we’re going to have confidence – gain confidence – that it’s going to go down to the yellow zone, which is into the mid to low-1.2000s. The risk of course in all of that will be that it gets back above the blue zone and goes back up again. So, let’s wait for the breakout setup, open and close under the blue zone, and target the yellow zone today for the GBPUSD. https://www.youtube.com/watch?v=erEdRCZ22mk 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.
Visibility: 589
Duration: 7m 10s
Rating: 5