Greetings and Good morning to all forum members, Today the market is opened and we are ready to execute our trading plan to get green pips from the moving market. I believe you earn a good amount of profit in the previous week's trading. If we can work in the forex market then faced many ups and down with different movements of the market using stop-loss will always protect us from margin call in everyday trading schedule.
My last week closing trades result will be in -$2 loss first trade closed on gold with -$115 loss then recovery trades also open on the USDCAD which added +$103 on Friday closing trades. which seems no profit or loss covered in the previous week's trading.
GBPUSD floating price channel covered the new resistance for this month 1.3744. which indicates that price fluctuating continues with resistance at least 1.3790 in this week, after that, it will give reverse support moves for expected price level 1.3620. Take sell position today from the moving price 1.3680 and have a bearish setup for 1.3600 take profit high or low will be given only 20 pips move indicators signal will clear our support testing area 1.3640.
On D1 chart, A bearish candle formed on Friday closing with a high volume to support level 1.3635 this level indicates that soon or later broken the 1.3600 again in the next moves, With a previous bearish candle still floating range between today support 1.3650. in the case of this scenario, the support level at 1.3620 will be broken easily and the centre confirmation first tests the 1.3655 in the next 4h trading in the market.
If doing scalping trading work then On H4 chart, most of the candle closed on the bearish side and the moving average will also hit the overbought level, which makes ascending channel and the price is running inside to makes a bearish pattern bar formed at 1.3590.
Moving average cross the top 80 when price covers the 1.3750 and then manage with reverse support to 60 levels which increase the chance of selling.
The oscillator also covered the movement above the 80, which will clear the over-bought level on D1 chart analyses. which creates a high violation signal for sellers but must need to use stop loss on every trade before executing an order in the pound market.