GBPUSD - Can We Continue Higher?
Analysis:
Bullish Confluences
Bearish Confluences
Neutral Confluences
Stay Safe - The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We appreciate any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Bullish Confluences
- Overall longer term upwards trend
- Retest of a previous key level
- Longer term upwards trendline present
- Bullish falling wedge pattern forming
- GBP is the 2nd strongest major currency whereas the USD is the 4th strongest major currency
- 4k short position decrease for the GBP
- 3k long position decrease for the USD
Bearish Confluences
- 13k long position decrease for the GBP
Neutral Confluences
- Symmetrical triangle pattern forming
Stay Safe - The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We appreciate any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Trade active:
Our entry requirements have been met and our order has been filled. We are long wanting to see price continue pushing higher.
Trade closed: stop reached:
Trade Closed
(-1R) Lost
After Trade Comments:
From the start this trade was looking good, however price did come very close to our stop loss but we ended up seeing the GBP strength come back in and our area of support held as expected which looked like a positive sign for our setup. Although everything was looking good we had some news come out yesterday for the USD which was better then expect. This ended up having a big enough impact on the market for our stop loss to get hit. The news was bullish for the USD so we saw price make a move to the downside. Although this we did get stopped out on this trade it was still completely to plan and valid, price just didn't go in our favour. Nobody can predict news events with any accuracy whatsoever so getting stopped out of a trade or your take profit getting hit because of news is going to happen. Sometimes the news works in your favour and other times it goes against you, that's just part of trading. You can't avoid news events easily and if you manage to then you'll still miss out on loads of great opportunities. In our opinion and in our testing it's simply not worth the hassle. As we take into account fundamentals often news goes in our favour, however there will still be times when it doesn't and this is one of them. Overall we're still up for the week thanks to our RR per trade and this one loss isn't going to affect us. Our strategy is still performing as expected so there isn't any need to worry or to try and change anything. This is where the importance of trusting your strategy and letting your edge play out comes in. You can't predict the sequence of losses or wins you will take but if you let your edge play out over a long enough time then your overall edge will too. With that being said lets move on and see if we catch a winner!
Stay Safe - The JPI Team
(-1R) Lost
After Trade Comments:
From the start this trade was looking good, however price did come very close to our stop loss but we ended up seeing the GBP strength come back in and our area of support held as expected which looked like a positive sign for our setup. Although everything was looking good we had some news come out yesterday for the USD which was better then expect. This ended up having a big enough impact on the market for our stop loss to get hit. The news was bullish for the USD so we saw price make a move to the downside. Although this we did get stopped out on this trade it was still completely to plan and valid, price just didn't go in our favour. Nobody can predict news events with any accuracy whatsoever so getting stopped out of a trade or your take profit getting hit because of news is going to happen. Sometimes the news works in your favour and other times it goes against you, that's just part of trading. You can't avoid news events easily and if you manage to then you'll still miss out on loads of great opportunities. In our opinion and in our testing it's simply not worth the hassle. As we take into account fundamentals often news goes in our favour, however there will still be times when it doesn't and this is one of them. Overall we're still up for the week thanks to our RR per trade and this one loss isn't going to affect us. Our strategy is still performing as expected so there isn't any need to worry or to try and change anything. This is where the importance of trusting your strategy and letting your edge play out comes in. You can't predict the sequence of losses or wins you will take but if you let your edge play out over a long enough time then your overall edge will too. With that being said lets move on and see if we catch a winner!
Stay Safe - The JPI Team