Welcome Trading Legends.
Today we shall be trading the GBP/USD forex trading asset. For this, we will use the IQ options broker and the signals provided by the ToolsTrades Website. Be sure to stick to the end of the video as I’ll be giving you a special promo code for more signals.
Let’s begin and ask for a short term signal.
While inputting the signal data allow me to explain why I’m trading the said asset.
The currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the formation of the “Wolfe Wave” reversal pattern. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.3167. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continuation of the asset’s growth. At the moment, we should expect an attempt to grow the British Pound against the US Dollar and test the resistance area near the level of 1.3335. Where again should we expect a rebound and the beginning of a fall in quotations of the British Pound against the US Dollar? The target of the downward movement of the currency pair, in the FOREX forecast for September 8, 2020, is the area at the level of 1.2495.
An additional signal in favor of the fall of the currency pair will be a test of the trend line on the relative strength index (RSI). The second signal in favor of a decline will be the price return inside the ascending channel. Cancellation of the option to drop the pair Pound/Dollar will be a strong growth of the pair with quotations closing above the level of 1.3535. This will indicate a breakdown of the resistance area and continued growth of the Pound/Dollar pair to an area above the level of 1.3675. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing the price below 1.3105.
Now I’ll give you a quick and valuable Forex Trading tip:
Create a Trading Journal
These days many traders have opted to abandon maintaining a trading journal, largely as all brokers provide real-time trade records for clients. The problem is that these records don’t catch everything, something that truly successful traders understand. When you start a manual trading journal, you are able to get to down the core of your forex trading efforts; through independent tracking, you can monitor margin usage, profits and losses per trade, buying power, and so much more.
Trading journals aren’t exactly fashionable. However, while they can be time-consuming, they are one of the leading secrets of forex trading for a reason. Taking this old school approach lets you maintain a manual look at your trading history, which helps you spot overall progress between brokers and allows you to address mistakes along the way.
As you can see the signal has worked and made me some nice money.
Be sure to check out the video:
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