GBPUSD, Week 50 analysis, a long for week 51
Week 49's analysis of GBPUSD pointed us towards a long with a level 3 zone and an identified W shape. However, in week 50, we see it fell 282 pips, I was in for long, and it wiped me off 10% of my account's equity. I got out on Monday and did some short-term trades in Tuesday and I finally long it on Wednesday. Together with other pairs, I managed to achieve roughly 17% week on week returns.
Week 50's Wednesday see a completion of W shape, which sends the pair upwards of 210 pips and ended the week back at 1.25801, prior to moving up to 1.25801, the price bounced off at 1.25286, which gives us confidence that the first V might be formed, which explained why I placed a level 1 zone after the W. That gave me comfort to say that the H1 trend has changed to a bull trend, from a previous bearish trend which lasted a couple of weeks.
Even though the analysis points towards a new bull trend which started from Wednesday in Week 50, we still need to stay flexible and mindful of the announcement that would be coming in week 51. Manage the position size carefully and a reasonable stop loss based on pips, price, or pattern break would be helpful for traders in the short term.
I will look for opportunities to long when the market opens in week 51 and hopefully, this long trade can last for a while upwards.
Share your thoughts below, and we can all learn together. Please help me to like and share this post, and also follow me for weekly analysis on forex pairs! Thank you!! =)
Week 50's Wednesday see a completion of W shape, which sends the pair upwards of 210 pips and ended the week back at 1.25801, prior to moving up to 1.25801, the price bounced off at 1.25286, which gives us confidence that the first V might be formed, which explained why I placed a level 1 zone after the W. That gave me comfort to say that the H1 trend has changed to a bull trend, from a previous bearish trend which lasted a couple of weeks.
Even though the analysis points towards a new bull trend which started from Wednesday in Week 50, we still need to stay flexible and mindful of the announcement that would be coming in week 51. Manage the position size carefully and a reasonable stop loss based on pips, price, or pattern break would be helpful for traders in the short term.
I will look for opportunities to long when the market opens in week 51 and hopefully, this long trade can last for a while upwards.
Share your thoughts below, and we can all learn together. Please help me to like and share this post, and also follow me for weekly analysis on forex pairs! Thank you!! =)
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