This weeks quote is ” It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros)
This is my weekly forecast for GBP/USD. Last week I was anticipating more bullish movement but I was wrong, price failed to break above the high that was printed on the 26th Oct and price started to break structure to the downside so I decided to start to look for shorts and I was able to find some good opportunities. Since price broke last weeks low and failed to break last weeks high I am anticipating more bearish price action this week. I have marked out two bearish POI's where price could potentiality react from, if price comes to to my POI's I will be waiting for conformation before entering a short position. I would like to add that it is okay to be wrong, but it is not okay to hold onto the same outlook when price is clearly doing something different, one thing I have learnt from trading is that it is important to be able to adapt and to be able to change your outlook with valid reasons. I hope this motivates at least one person to continue on with their trading journey.
The news I will be watching this week is...
Monday- United Kingdom Halifax House Price Index MoM
Tuesday- United Kingdom BRC Retail Sales Monitor YoY
Thursday - United States CPI / United States Inflation Rate YoY - United States Jobless Claims 4-week Average - United States Initial Jobless Claims - United States Continuing Jobless Claims - United States Core Inflation Rate YoY - United States Monthly Budget Statement
Friday- United Kingdom Goods Trade Balance - United Kingdom GDP MoM - United Kingdom GDP Growth Rate YoY - United Kingdom GDP Growth Rate QoQ - United Kingdom Goods Trade Balance Non-EU.
I welcome any feedback you might have and if you have any questions feel free to message me:)
Disclaimer: I am not a financial advisor. Do not take anything on TV as financial advice, ever.
Do your own research.
Consult a professional investment advisor before making any investment decisions!
This is my weekly forecast for GBP/USD. Last week I was anticipating more bullish movement but I was wrong, price failed to break above the high that was printed on the 26th Oct and price started to break structure to the downside so I decided to start to look for shorts and I was able to find some good opportunities. Since price broke last weeks low and failed to break last weeks high I am anticipating more bearish price action this week. I have marked out two bearish POI's where price could potentiality react from, if price comes to to my POI's I will be waiting for conformation before entering a short position. I would like to add that it is okay to be wrong, but it is not okay to hold onto the same outlook when price is clearly doing something different, one thing I have learnt from trading is that it is important to be able to adapt and to be able to change your outlook with valid reasons. I hope this motivates at least one person to continue on with their trading journey.
The news I will be watching this week is...
Monday- United Kingdom Halifax House Price Index MoM
Tuesday- United Kingdom BRC Retail Sales Monitor YoY
Thursday - United States CPI / United States Inflation Rate YoY - United States Jobless Claims 4-week Average - United States Initial Jobless Claims - United States Continuing Jobless Claims - United States Core Inflation Rate YoY - United States Monthly Budget Statement
Friday- United Kingdom Goods Trade Balance - United Kingdom GDP MoM - United Kingdom GDP Growth Rate YoY - United Kingdom GDP Growth Rate QoQ - United Kingdom Goods Trade Balance Non-EU.
I welcome any feedback you might have and if you have any questions feel free to message me:)
Disclaimer: I am not a financial advisor. Do not take anything on TV as financial advice, ever.
Do your own research.
Consult a professional investment advisor before making any investment decisions!