Hello, dear friends!
Monday was remarkable mainly due to the significant British pound growth. The British managed to interrupt the previous continuous decline, and at the moment the review was still being prepared it has not just succeeded to get fixed above 1.3000, but also tried to attack resistance at 1.3100. It looks like at least GBPUSD pair managed to reach it.
Such a strong GBPUSD pair growth was caused by Angela Merkel’s statement on Jean-Claude Juncker's offer made for Britain regarding Brexit. Details are not known yet, but keeping in mind England's wish to bargain for better exit conditions, there's an option that the EU is ready to compromise.
News to be paid attention to on Tuesday:
- 14:30 - data on GDP and statistics on production in the manufacturing industry of the UK;
- 17:30 - consumer price index in the United States.
Besides, during the day the results of the British Parliament vote regarding Brexit will be known. It will surely affect the British pound.
Get Free Basic Horizon Course Here
Moving on to signals search for Tuesday.
EURUSD - buying from current price levels
Local imbalance level has already formed at 1.1241. After it was broken through a corrective downward movement took place, and on touching 1,1241 level one should have opened a deal to buy. When placing stop at 1.1230, the deal is still in the market.
So far, the chart doesn't move in the direction of take profit set at 1.1254. Stop level manages to keep its feet, so if you did not enter long from 1.1241, try to buy now at a risk of several points and a TP several times larger.
GBPUSD - a signal to buy might be received when testing 1.3000 from above
The pound is getting fixed above the key support at 1.3000. The trading zone was formed in the range of 1,2994-1,3004, we expect it to be retested and will enter the market from support level 1,3004.
The only problem is that the GBPUSD chart is located quite far from this area now. I recommend to place Buy Limit at 1,3004 with take profit at 1.3095 and stop at 1.2983. Profit and loss ratio is excellent, such signals are not to be missed.
USDCAD - waiting for bearish pattern to work out
In Canadian-American dollar pair we observe pattern#3 working out. Maximum at 1.3439 was tested again, but the pair didn't manage to break through over this level, and a downward movement with formation of trading zone at 1.3424-1.3431 has started.
This area has already been broken through, and we are just waiting for touching 1.3424 level from below. While resistance is being tested from below, one can sell targeting at 1.3394. We are placing stop above the daily maximum at 1.3439.
Bullish signal on EURGBP pair is received
Bullish pattern #3 with a trading zone within the range of 0,8591-0,8597 was formed here. Buying according to the rules of this model working out took place when touching 0.8597 level from above. Profit on long positions was supposed to be fixed at 0.8623.
Stop at the moment of buying was set below the lower trading zone and by that time had already worked out. There was a small loss.
CADCHF - waiting for a signal to sell
Short positions on this pair are to be opened when touching 0.7529 level from below. This is the lower uncertainty zone limit within the range of 0.7529-0.7531 that was formed on rollback from maximum at 0.7535. Profit on short positions should be placed at 0.7514.
At the moment the review was being prepared the signal to enter has already been received, and the chart was testing stop-loss zone. Since SL was set up with a margin of several points, SL kept its feet, and the deal is still in the market. If you didn't manage to enter when touching 0.7529, you can sell now with a stop of 5-7 points; the SL to TP ratio is rather good.
In addition to studying Horizon X TS within the framework of the course bearing the same name I'd also recommend to regularly review materials on our YouTube channel. Videos on the features of Horizon X strategy usage in different situations are to be found there, and other issues related to trading are given attention to as well. For instance, within the framework of a series of webinars WMD Forex TS is being parsed.
As for training, I recommend to check out the link below for general concept of sniper trading and then decide on signing up for the course. Following the link you won't reveal all the secrets of the strategy but this will enable you to understand the general principle.
Get Free Basic Horizon Course Here
I hope the beginning of the week was successful for you, your comments on trading results of Monday are more than welcome. My review for today is completed, see you soon! All the best and good luck in trading!