EUR / USD: Price reaching new low month levels of 1 month
Yesterday’s signals was not triggered as there was no bearish price trading at 1.2300 or bullish price trading at 1.2252.
Today’s GBP / USD signals
Risk 0.75% per Trade.
Trades may only be entered before 1 p.m. 5pm in London today.
Short trading ideas
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Short entry after a bearish price shift of H1 timeframe immediately after the next touch of 1.2245 or 1.2371.
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Set stop loss 1 beep over the local turn high.
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Move the stop loss to break when the trade is 25 pips in profit.
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Set aside 50% of the position as profit when the price reaches 25 pips in profit and let the rest of the position run.
Long trade idea
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Long entry after a bullish price change of H1 timeframe immediately after the next touch of 1.2139.
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Set stop loss 1 beep below the local turn low.
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Move the stop loss to break when the trade is 25 pips in profit.
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Set aside 50% of the position as profit when the price reaches 25 pips in profit and let the rest of the position run.
The best way to identify a classic “price change” is to close an hour’s candle, e.g. A pin, a doji, an exterior or even just a bright light with a higher closure. You can take advantage of these levels or zones by looking at price action that occur at the given levels.
GBP / USD analysis
I wrote yesterday that I was willing to take a short trade from a bearish reversal of 1.2300 as the risk ratio sentiment grew in the market and this would likely continue to push the price down. I would not rely on support at. 1.2252.
This was a big call as the price has risen quite sharply here over the past day, being established below 1.2252 which could not hold as I expected. Unfortunately, the bearish reversal found above 1.2300 but below the next highest resistance level, so the signal did not provide an accurate input here.
The British pound is one of the weakest currencies right now. It is weakening against the strong USD and even more against the even stronger Japanese yen. The price is setting another low month and is in a sharp downward trend in the medium term.
I am taking a bearish bias again today as long as the price remains below 1.2250. I don’t think the support level of 1.2139 is likely to be strong, but it could be an area of profit that prevents much of a decline lower than that price.As for the GBP, the Governor of the Bank of England will give a small speech at. 11:30 am London time. There is nothing of great importance today due to the USD.