Tag: GBPUSD

GBPUSD

Hey trader, how is everything?

I believe that the most important aspect of trading is how you choose the currency pairs to trade and when to trade them.

You determine what currency pairs to trade by using the long term charts, and you choose when to trade by using the short term charts.

So at the end, its a combination of the long term and the short term charts.

But there is also the possibility to see for instance, clarity in the long term charts, but you need to wait for the short term charts to clear up a bit, or wait for clearer levels, or wait for the market to break certain levels, etc.

On the other hand, when you see both timeframes in line its time to open your trades/orders. That’s our main goal, we need to trade only when the odds are on or favor, and you know when that happens right? When both timeframes are in line.

Now, I’d like to share with you a few guidelines about the way I do my analysis and how to follow it.

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You already know about the importance to choose the right currency pairs to trade each day.

Look, even if you have the best system in the world, if you choose the wrong currency to trade you wont get too far.

On the other hand, if you are using an average system, but you trade the right currency pairs each day, you’ll be fine in the long run.

What’s your take about this?

How do you choose which currency pairs to trade each day?

Now, these are a few of the currency pairs that I believe are trading in a very clear market condition.

GBPUSD Analysis

The GBPUSD is trading in a very clear bearish condition, let me show you why I think its bearish:

GBPUSD

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Analysis and how to deal with NFP

Understanding the market

Hey traders, how is your trading going so far?

As most of you already know, tomorrow we’ve got the most important announcement of them all: The non-farm payrolls report.

And let me ask you one question: How do you deal with it? Do you still try to take advantage of it?

Those days, where the market moved 200 pips in one direction in just a few minutes are long gone.

Now it’s different. The market moves up, and down, and then again up… and most of the time it ends up where it all started.

Traders that used to place two orders (a buy above the market and a sell below the market) end up with two opened trades, a buy and a sell, and both of them in a loss.

So this is no longer a feasible strategy. Sorry.

But still, we need to learn to live with the NFP announcement and other important ones as: interest rates, GDP, trade balance, and others.

Here is how I deal with important fundamental announcements

Over the years I’ve seen that most of the time, the market takes these announcements as an excuse to move in the direction of the market condition.

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Hey traders, I hope you are doing alright with your trading.

What do you think about the market lately? In the last few weeks, most of the currency pairs (specially the majors) have been trading in a very tight and undefined range…

It has been difficult to trade them… What’s your take?

Ok, let me tell you mine… but first something about fundamentals.

Fundamentals for the rest of the week

There are plenty of fundamentals this week, and a few of them are very important.

So maybe that’s the reason the market has been trading in a very tight range? It could be… but the truth is that no one knows the real reason…

Anyway, these are a few of the fundamentals that you need to be watching this week:

Wednesday:

USD FOMC minutes (the most important of them all)
EUR Draghi Speaks
AUD Employment report

Thursday:

GBP Interest rate
EUR Draghi Speaks

Friday:

CAD Employment report

I’m going to be specially careful about the FOMC minutes, it has the potential to change the sentiment of the market, so be careful alright? Specially if you plan to open a trade in any USD pair or if you have a trade open and the market is close to your entry or SL level…

Forex Majors Analysis

Almost all majors have been trading in a very tight and undefined range… If you have been trading them you know what I’m talking about…

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Forex Currencies

About two weeks ago I got a signal in the GBPUSD, at that time, I set my stop entry order to go long based on a short term range breakout.

I decided to hold my trade over the last two weeks even during important fundamental announcements…

And finally, after almost 3 weeks, I got my alert: the market has reached my take profit order.

And you know something

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Hope you are going well…

Sometimes I think the name of the game of trading is patience…

You need to be patient on everything: Wait for the market to trigger your order, wait for the right signal, hold your trade for longer, and so on and so forth.

Here are a few examples where patience is playing a critical part on my trading:

EURAUD Analysis

The EURAUD its trading at an important level… Here is my long term chart:

EURAUD Long term charts

As you can see, it’s trading near a

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Pound dollar

Hey trader, what do you think about the market so far this week?

I’ve got to say, some currency pairs have been trading in a very clear condition, such as the EURNZD, USDCAD, NZDUSD and others…

These pairs have everything we need to trade them:

  • Clear S&R levels
  • Clear swings
  • Clear ranges

Everything…

But there are others though that arent that clear anymore…

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British Pound

There is no doubt that trading successfully is about choosing the right currency pairs to trade.

It’s not about the entry system, not about the indicators you use, not about Fibonacci, not even about price action… but the charts that you choose to trade.

The most powerful system wont make you some pips out of a crappy chart.

See what I mean?

So please, forget about your entry system and start doing some analysis, filter out the choppy charts from the clear ones… and results shall come.

Ok, so here we go…

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Pound Dollar

It’s not that the GBPUSD is my favorite currency pair, but there are times to trade each one of them.

And right now, the GBPUSD is one of the clearest currency pairs to trade from them all.

Imagine you have the perfect entry system, you’ve got perfect timing, but if you are trading the wrong currency pair, sooner or later the market will move against you.

Now, picture the other scenario, you’ve got a very simple system (let’s say a MA crossover system), if you pick the right currency pair to trade, who knows, you might get lucky and the market might move in your favor.

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