Tag: GBPUSD Analysis

Like to trade ranges? Check the GBPUSD 30 min chart…

Hope you all had a great weekend… ready to get some pips early this week? I am :)

Anyway, if you like to trade ranges, specially short term ranges, take a look at the GBPUSD, on the short term charts, it has well defined support and resistance levels:

What do you think? Would it be worthwhile to trade this short term range? I think it is… In fact, I’m actually looking to trade the short term range…

Please share your thoughts…

Good trading!

Raul Lopez
Forex Training

forex, GBPUSD Analysis

How do you like the GBPUSD for longs?

I like the way the GBPUSD is trading on both, short and long term charts. It’s clear that the market is trading in a bullish condition on the long term charts, but also has a very well defined range on the short term charts:

I’d like to see how it reacts to the bottom of the range, and if it forms a significant pattern with upward pressure, I’ll be going long.

What do you think about the GBPUSD?

Trade Safe!

Raul Lopez
Forex Coaching

forex, GBPUSD Analysis

Trade management and GBPUSD update

Do you like to take partial profits?

I don’t, the reason is simple, once the market moves on your favor, it is more likely to hit your take profit order, so the questions is: Why would you take partial profits (decrease your position size) if the market is more likely to hit your take profit order? Wouldn’t it make more sense to increase the size of your trade, since the market is telling you that you probably made the right decision?

So instead of taking partial profits I try to increase the size of my trades… Take a look at my trade on the GBPUSD, I actually had another opportunity to add to this position (I was sleeping though at the time the pound triggered my signal zzzzzzzzz) but I wasn’t awake, If I was awake, I would had taken this one:

I’m still looking for an opportunity to add to this trade though. We’ll see what happens.

I have moved my stop loss level though, once it formed a clear short term resistance level, I’m confident that if the market gets back to that level, it will get rejected again.

Let me know your thoughts!

Trade Safe!

Raul Lopez
Forex Course

forex, GBPUSD Analysis

Short signal on GBPUSD

I was waiting for the GBPUSD to break either side of the range to start looking for trade opportunities and just got what I was waiting for. Then it retraced back and formed a significant pattern with downward pressure:

Here are the details of my order:

Entry order: 1.5854
SL: 1.5908
TP: 1.5430

What do you think about the GBPUSD?

Trade Safe!

Raul Lopez
Forex Course

forex, GBPUSD Analysis

Are you trading the Pound (GBPUSD)?

I don’t, it is currently trading near an important long term level (1.6000). And as always, when it trades around an important level we need to determine the “zone” clearly seen on the short term charts:

So my plan is this:

  • Once it breaks the top of the range (1.6136), I’ll start looking for long opportunities
  • Once it breaks the bottom of the range (1.5901) I’ll start looking for short opportunities.

Trade Safe!

Raul Lopez
Forex Course

forex, GBPUSD Analysis

I’m long on the Pound/Dollar

I few days ago I wrote about the bullishness on the GBPUSD, as long as it trades above 1.5559 it will remain in a bullish condition, this is the short term range it has been trading on the last few days:

Here are the details of my order:

Entry: 1.5570
SL: 1.5521
TP: 1.5940

I normally don’t open trades at this time of the day on Friday’s, will see what happens…

Trade Safe!

Raul Lopez
Forex Training

forex, GBPUSD Analysis

Can’t forget about the GBPUSD

Are you monitoring the GBPUSD? I am, the GBPUSD is definitely another currency pair that it’s trading in between clear LT support and resistance levels.

Last week it was bearish, I even took a trade on the GBPUSD, but if you see the daily charts, you’ll see that it has been rejected from an important support level around 1.5345, and what is it likely to do once it gets rejected from a support level? Go up and hit its next resistance level, which I have at 1.5970.

On the short term charts, it already broke through the ST resistance level, allowing us to start looking for long opportunities:

Remember the next LT resistance level is at 1.5970, all TP orders should be set below this level.

Trade Safe!

Raul Lopez
Forex Training

forex, GBPUSD Analysis

GBPUSD – Shorts, shorts, shorts!

I’m currently looking for short opportunities on the GBPUSD, last week it was trading in a clear bearish condition, and this week it still is trading in a bearish condition. I like everything about the GBPUSD, its long term charts (clearly bearish) on the short term charts it is trading below every important level, etc. Here are the ST charts:

What I like the most about the pound-dollar is that it is about 300 pips away from its next LT support level, giving me plenty of time to look for my short trade.

Trade Safe!

Have a great week ahead!

Raul Lopez
Forex Training

forex, GBPUSD Analysis

I’m Looking for short opportunities on the GBPUSD

Last week I wrote about the GBPUSD trading in a very clear short term range, and I was waiting for it to break either extreme level to start looking for trade opportunities. Well, last Friday it broke the bottom of the range, and this breakout triggered a bearish market condition. And of course, I will be looking for short opportunities on the Pound-dollar. Here is the hourly chart:

I will be looking for short opportunities as long as the GBPUSD trades below 1.5919.

And guess what? The next LT support is at 1.5345, around 500 pips away from where it is currently trading.

Trade Safe!

Raul Lopez
Forex Training

forex, GBPUSD Analysis

Welcome back GBPUSD :)

It’s been a while since the last time I place a trade on the Pound (GBPUSD), I wasn’t comfortable with it. You see, what I try to look for on any currency I’m trading is clear long term support and resistance levels, this way I know what the market is likely to do in the following hours/days.

And on the last months, the GBPUSD didn’t trade between clear S&R levels, it retraced back from random levels, sometimes it broke an important level just to retrace back the following day, etc. But in the last few days, it has proved to trade in between consistent level, therefore I’m preparing myself to trade it again!

This is the hourly chart:

If it breaks the upper green resistance level, I’ll start looking for long opportunities

If it breaks the lower green support level, I’ll start looking for short opportunities

Trade Safe!

Raul Lopez
Forex Course

forex, GBPUSD Analysis