GBPUSD trading opportunities ~ forex market news feed
In the past few weeks, we have discussed the mastercharts for major pairs. Beginning from this week we shall begin to examine the interpretation of some of these charts beginning with GBPUSD which is the major pair I trade regularly.
As I have mentioned in some of my previous posts, if you want to be a successful trader, it is always advisable to concentrate on one or two pairs first. Trading this way, you will develop the ability to understand the key support/resitance areas, trend and price action for the pairs. By the time you understand a pair, it is alway easier to make profit consistently from your trades. In fact, you do not need to trade more two or three pairs to be a successful trader. Timing is very critical in this endeavour and the important ones are:
TIME TO WAIT
TIME TO BUY
TIME TO SELL
TIME TO TAKE PROFIF
GBPUSD closed around 1.61900 last week. Both the daily and H4 charts closed below the long-term bullish trendline from April 2010. The weekly needs to close below this trendline and 1.60000 to finally confirm that the bear has taken over.
Short Term Trades
Here are the targets for short trades:
1st support - 1.61000
2nd support - 1.60000
3rd support - 1.59350
4th supprt - 1.58000
5th support - 1.55000
6th support - 1.53000
Here are the targets for long trades:
1st resistance - 1.63000
2nd Resistance - 1.64000
3rd Resistance - 1.65500
4th Resistance - 1.67500
5th Reistance - 1.70000
The most important support/resistance levels for this week is the first and second resistance/support levels.
From where the price open this week, we have roughly 200 pips either way for this week. You will still need H4 to confirm immediate support/resistance and M15 for the best entry point. Please include RSI 14 days period with horizontal line at 50 point marks in your chart to confirm this support and resistance level on any time zone.
Long Term Trades
Here are the available targets for short trades:
1st support - 1.60000
2nd support - 1.53000
Here are the targets for long trades:
1st resistance - 1.63000
2nd Reistance - 1.70000
For long-term trades if weekly fails to break 1.60000, then a long will be a good trade and if the weekly fails to break 1.70000, a short will be a good trade. Both trades should be good for between 300-500 pips and will require between 3-5 weeks for it to play out.
I attach the weekly, daily and H4 charts in support of the above analysis.
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