GBPUSD Current Outlook ~ forex news trader pro
In forex trading it is important to have the larger time frame in mind.
The fourth chart is the weekly chart. The trendline where the price touched and bounced back is the downward trendline from 11 of August 2007. As long as price is on top of line, the move move upward is still valid.
The third chart the daily tells us that the downmove is still valid, probably what is happening is a retrace.
The second chart which is our ever reliable H4, tells us that price is taking a breather and the signal was given around 1.53800. The line on the sand now is around 1.53800.
The 1st chart is M15 which showed when the signal was given.
How do you trade this for a short term trader looking for 40-100 pips per trade? Wait for the current HR candle to close if the next candle open above 1.53800, the retrace is confirmed. Follow the candle and take your pips.
Another way to trade this is, since the daily chart shows that the fall is still on, wait for the current reverse to end and follow the next bear candle. Either way you will get your pips. The advantage you have with H4 is that you are guaranteed enough notice. If you look at your GBPJPY H4 Chart you will observe almost identical set up.
If you pick only 5 pips daily, 25 weekly and 100 monthly based on the recommended lot size to the account value, you will increase your account by 10% at the end of the month.
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