Archives for March 2021

The GBPUSD moved lower going into the U.S. session overlap. As the pair began to move higher, coupled with a weaker USD today, a long was taken risking 10 pips for a potential 24 pips to our daily target at 1.3797. The first candle after our entry produced a long upper wick, so we moved our stop loss to a profit stop level just above our entry. Price moved higher to our target where we exited the trade just below the 1.3800 figure.

We found a couple of other trades today including a USDCAD short and a EURGBP short.

GBP levels to currently watch:

Above 1.3800, 1.3821, 1.3847, 1.3871

Below 1.3800, 1.3779, 1.3756, 1.3742, 1.3733, 1.3693

Good luck with your trading!

The USDCAD in the early U.K. session found a bottom at its Asian session lows. It subsequently broke above its Asian session high for a second time.

A long was taken risking 9 pips for a potential 42 pips to our daily target at 1.2647. Price moved higher with a small pullback going into the U.S. session overlap. As price attempted to climb above yesterday’s high, it began to run into sellers – leaving long upper wicks on the candles.

After price left a very long upper wick, just beneath our target, we tightened up our profit stop and our trade was closed.

Levels to currently watch:

Above 1.2650, 1.2683, 1.2700, 1.2738, 1.2750

Below 1.2620, 1.2600, 1.2580, 1.2550, 1.2500

It will be short trading week for me with Friday and Monday off.

Good luck with your trading!

The EURUSD made a lower high in in the U.S. session overlap and an entry short was taken risking 14 pips for a potential 49 pips to our daily target at 1.1753. (not shown)

Price moved lower going into the European close where we exited the trade.

As we approach month end the DXY continues its climb toward 93.00.

Good luck with your trading!

The GBPUSD started to move lower early in the U.K. session.

A short was taken risking 17 pips for a potential 66 pips to our daily target at 1.3762. Both the Asian session low and yesterday’s low were quite close to our entry. Price was able to go through both levels in one candle. We protected ourselves by moving our stop loss to plus 2 pips and waited to see if price would continue lower.

Price again broke to the downside and we locked in profit as it moved lower with each successive candle. We were closed as price spiked higher and were out of the trade well before Governor Bailey’s speech and the U.S. open.

Levels to watch for in the GBPUSD

Above: 1.3778, 1.3800, 1,3820, 1.3877, 1.3889, 1.3900, 1.3931, 1.3959

Below: 1.3760, 1.3741, 1.3722, 1.3700, 1.3663, 1.3641, 1.3611, 1.3600

Good luck with your trading!

The USD started the trading week stronger while the GBP weakened.

Today as the U.S, session got underway, the pair moved lower then went sideways for the second hour, before moving further to the downside. A short was taken risking 15 pips for a potential 64 pips to our daily target at 1.3848.

Price moved lower to test its Asian session low, then retested this level, and found sellers, moving lower but was unable to close beneath Friday’s low. We closed the trade at the European close.

The U.S. session for the next 2 weeks begins an hour earlier and overlaps with London for five hours instead of the usual four hours.

Some levels to watch on the GBP:

Above 1.3850

1.3900, 1.3950, 1.3975, 1.4000, 1.4018, 1.4050, 1.4089

Below 1.3850

1.3800, 1.3775, 1.3760, 1.3725, 1.3700

Good luck with your trading!