BombayBulls
Long

Trading British Pound Amid Weekend & Volatility

FX:GBPUSD   British Pound/U.S. Dollar
26 0 0
One trade is already done for the GBP/USD             today which we shorted at 1.4015 and closed at 1.3990. Things are happening too fast and sometimes moves are coming out of nowhere. That's the reason we are not able to publish many Forex trade ideas these days. There are lots of opportunities but nothing suitable for long or medium term. Prices are flying everywhere and moves are not sustainable for more than 24 hrs             . So basically if you are simply looking for trend trading opportunities then it's difficult to find something on medium term charts. If you can adjust to lower timeframes and identify solid support / resistance levels then there are plenty of opportunities.
Ok so back to our pound trade. Without wasting time on Brexit and stuff, just look at the levels highlighted on the chart. Weekend is coming and we believe that if anyone who remembers the past week's price action of GBP/USD             is not going to hold the position over the weekend.
Trade is to buy GBP/USD             near the levels highlighted by green line. We expect it to hold 1. 3900             , so we will try to buy as close to 1. 3900             as possible. Also we would like to trade 1.3950 if support develops around that region.
Trade depends upon many things and reading the price action is the key before engaging the trade. It is not set and go type of trading environment, so be careful.
Comment: Taking profit on 2/3 of the position here at 1.4000. Since we have got good lower average because of 1.3900 and 1.3850 buys, going to keep small position to see if we are able to take out 1.4050 and if any bottom forms here.
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