FOREX Chart Of The Day: Forex Trades Update

Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.

Practice trading with a demo account

In this video, we’ll take a look at our positions; we’ll take a look at GBP/USD.

To start the week, we did a GBP/USD: The Trend Is Your Friend video. I wanted to jump on the back of that again and explain what’s going on with the GB Pound and how that trend is starting to play out.

We can see, here, lower lows and lower highs. This is what we explained, and we were looking for a pullback into this 1.25 level here and started looking for that bearishness to come into play.

Well, last night, we had that bearish daily close. That, to me, is a sign that we could see a continuation today. So, we placed a limit order with our stop-loss above the daily high, target these lows here. The price hasn’t come back and retested our area of resistance. Unfortunately, again, we missed out narrowly by spread, and unfortunately for us, it hasn’t gone into the move.

However, if we go down into the four-hour timeframe, the price is starting to make all the right noises. We had this moving here, the market came back down, rallied, came back down, and rallied. We’ve then dropped, formed a new low, and now, the market is moving sideways.

What we could anticipate is that we did have a slight pullback in this current move here, where the market has pushed to the upside. Are we starting to see that move down again? Now, what I’m looking for is a nice new close below that low. We haven’t been triggered yet, so I’m going to leave that in for now, in case the price does rally then drop to the downside. If it doesn’t by this evening, then that’s not this trade on the head. But, other than that, if the market now starts to make lower lows, we could still look for a continuation on the GB Pound because the trend on this four-hour timeframe is starting to line up with our daily timeframe expectations.

That’s why I like to look at combining the daily timeframe sentiment which is that pullback into the area. Where are those areas of support and resistance on the four-hour trend? Now, we pointed this area out. We missed out on it by a couple of pips. Unfortunately, the price is now moving a bit sideways, but I am expecting the market to continue to move lower on GBP/USD.

We can look for further opportunities there. Just to discuss some of our open positions: so, USD/CAD got stopped out, unfortunately, because now the price is moving to the upside. So, if you re-entered that position, then that’s great.

USD/CHF also stopped-out and came above these highs here, where our stop-loss was. You would have been triggered on the first position if that one were still in and in profit.

AUD/USD is still in. It came and pushed to the upside, it came to the highs of this range between these two points here, and the market found some resistance once again and is now dropping to the downside. If you left this trade, you’re on a nice profit at the moment.

I want to see more out of this market. I want to see some real lower lows starting to form because then that’ll allow us to trade it again, get on the downside of the market, and see if we can breakthrough. We have this nice change in cycle, but after that, the market has moved sideways for us. I want to see a nice breakdown here, with these previous structure points as our targets.

Keep that in mind for your trading opportunities. As I said, the GB Pound is setting up nicely. I quite like this opportunity here on the GB Pound.

If you liked this video, please give it a thumbs up and subscribe to the YouTube channel, and I’ll catch you in the next video. Cheers!

You can try trading with the GBP/USD pair with as low as $100 when you open a live account with Blueberry Markets. Fast execution, zero commission foreign exchange, and prompt support–that’s the Blueberry Markets experience.