Journal Update, 16-07-2021:
Good morning traders, how are you guys? I hope everyone is healthy and optimistic. Today is the decisive trading day of the week, so let us be prepared to close the trading positions at the end of the week. I think we should exit the market today.
Active Trades Outlook:
I have a gold sell position that I opened yesterday. Gold is currently starting a downward trend, and there seems to be no room for buyers today. The daily chart of gold shows a DOJI at the top row of consecutive bullish candles. That has strengthened my confidence in the current gold trading. With this selling momentum of gold, I feel much better today. I hope that the price of gold will reach my target point at level 1803 soon.
There are also some significant economic events for the New Zealand dollar, Japanese yen, and US dollar today. That can immediately change the behavior of the market. In the morning trading hours, I think economic events cannot increase price volatility. However, due to the USD core retail sales monthly rate and retail sales monthly rate, it is expected that there will be greater volatility in the evening. This news may help me quickly exit the market in my trading. Check the image below carefully for further trading news updates.
If you look at the GBP/USD currency pair, despite the bearish trend at the beginning of the week, the GBP/USD market as a whole is still in a sideways state until now, because since Monday, the beginning of the week has only moved up and down between the support level 1.3800 and the resistance level 1.3900. The strength of both sellers and buyers failed to break through the support or resistance level.
Last night, buyers again tried to push the GBP/USD exchange rate away from the support level of 1.3800, but it could only rise to 1.3890. The price of GBP/USD fell again yesterday, and now the price is still running near the 1.3833 level this morning.
Seeing the latest development of the GBP/USD market, the current market conditions are bearish. Today I decided to sell and enter the market with the support level of 1.3800. My prediction today is that the pair will move down again to continue the bearish trend.
Thank you, colleagues, and beloved masters for your presence and guidance. We just need to be strict with fund management to be successful traders. Thus, I hope that our capabilities and profits may increase. Take care of yourself and your family. Good luck.