Trading GBP/USD

I bought at 1.37455

Yes, that is around where the dotted line is

Alright, i just wrote out the exact price entry.

Technical wise, do you think we are bearish on GBPUSD?

We are bearish based on the 1 day chart

My stoploss of 17pips has been taken out. it was a loss trade

The only time I would buy is if price closed ontop of the black line based on the 1 day chart and based on your higher timeframe strategy

Trade results

Well, you are right.

I am now bearish on this pair.

But if I were trading the lower time frame like I do my bearish bias could have been based on something else not the 1 day chart

This would have been my bearish bias, the red candles took out three green candles when falling

One of my student actually saw the sell but i was not flexible to change my bias and i paid for it. Lesson has been learnt.

I would also buy if price got to the 760 level because price exited the lower Asian range and is getting pushed back up

Happy new month to all traders, at the beginning of every month its good to analyze from the monthly timeframe to see what to expect for the new month.

GBPUSD is still very bullish on the monthly timeframe. Well, last month candle swept a previous monthly high rejected and closed. This means we will have some retracement to the downside. The buys for me will start at the zone i marked for buys.

Note: These are not market predictions, just an idea of what to expect. market can decide to do contrary.

The weekly timeframe is also showing a breakout to the upside aligning with monthly bullish bias but i am still expecting sells to the zone marked before the buy continues.

On the daily timeframe, we have a breakout to the downside to confirm we will have some sells before the buys. I will be waiting for price to retrace back into my breakout level on the daily before selling.

These are my expectations for this month on GBPUSD, do well to drop yours also. Thank you.

On the daily, GBP/USD is looking bearish but a close above the 867 level will mean bulls are back in control.

I see a sell opportunity for GBP/USD around the 691 level, lets watch and see if price will keep going down