GBPUSD, a good week 7, where will week 8 goes?
In Week 7, GBPUSD made a wonderful continuation of the established bearish trend. In week 6, the bearish trend rested at bearish zone 2, which leaves us halfway through the trend. In preceding week 7, we see it completed the whole cycle of a bearish trend. I am excited about the new bull trend in week 8.
In week 7, I traded all the 4 symbols I analyzed here in tradingview, and I made about 7% profit in my PAMM managed fund and I hope my signal subscribers are happy with the results as well. If you have a bigger leverage and risk appetite, 7% would be minute as compared to your gain in week 7, I hope you make a profit from week 7's trading.
GBPUSD made consistent and predictable movement in week 7, until the hours before closing on Friday. I was actually shorting before the rise, and I exited the trade with minimal losses, I think my subscribers who are looking at the trade with me must be worried. Shorting about 1 hour after I exited my short trades, it made an explosive rise, but I am not aware, as I went to rest. Its a missed trade for me and a good example of how someone can mistake a reversal for a continuation of the trend.
Moving on with the analysis, we can see that the rise on Friday consists about 100 pips, and I would say that its strong and there was not much seller movement on Friday, probably they are busy buying now, and not prepared to sell in the near term. A reversal pattern at level 3 bearish trend has been spotted and completed, so we would expect the price to rise to at least a level 2 bullish zone in week 8.
A lot can happen in week 8 to reach that zone, my plan would be to enter a buy after the market opens and slowly build my positions. If the market continue to shift downwards, at least I can exit with minimal losses. Account protection is more important than anything else in FX trading. With that, I end my summarised GBPUSD analysis for week 8. I hope you guys will continue to stay profitable in week 8!
If you have any thoughts on GBPUSD's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
In week 7, I traded all the 4 symbols I analyzed here in tradingview, and I made about 7% profit in my PAMM managed fund and I hope my signal subscribers are happy with the results as well. If you have a bigger leverage and risk appetite, 7% would be minute as compared to your gain in week 7, I hope you make a profit from week 7's trading.
GBPUSD made consistent and predictable movement in week 7, until the hours before closing on Friday. I was actually shorting before the rise, and I exited the trade with minimal losses, I think my subscribers who are looking at the trade with me must be worried. Shorting about 1 hour after I exited my short trades, it made an explosive rise, but I am not aware, as I went to rest. Its a missed trade for me and a good example of how someone can mistake a reversal for a continuation of the trend.
Moving on with the analysis, we can see that the rise on Friday consists about 100 pips, and I would say that its strong and there was not much seller movement on Friday, probably they are busy buying now, and not prepared to sell in the near term. A reversal pattern at level 3 bearish trend has been spotted and completed, so we would expect the price to rise to at least a level 2 bullish zone in week 8.
A lot can happen in week 8 to reach that zone, my plan would be to enter a buy after the market opens and slowly build my positions. If the market continue to shift downwards, at least I can exit with minimal losses. Account protection is more important than anything else in FX trading. With that, I end my summarised GBPUSD analysis for week 8. I hope you guys will continue to stay profitable in week 8!
If you have any thoughts on GBPUSD's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
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