It is all Happening on the GBP Markets… | 8th August 2017

From 2 bar reversals, huge and super obvious daily engulfing bars and major breakouts… it is ALL happening on the GBP!

The pair we are going to concentrate the most of our time discussing and looking at in our chart in focus post today is the “GBPJPY” because it is one that is yet to play out or form a trigger signal on yet, and so it still offers us the potential to find a trade.

As you can see on the other chart I have added for you below, the GBPAUD has already formed a super obvious and high probability BEEB that was sticking right up and away from all other price action, rejecting a major level and it had a lot of momentum from how large it was.

 

GBPJPY Daily Chart

Price action on the daily chart of this pair has been locked in a sideways range moving up and down and going nowhere fast for the past month.

It is now looking to breakout lower and through the major support level as I have marked and highlighted on the chart below for you;

This could open potential trading opportunities to look to trade inline with this breakout and make short trades.

If price can make a quick re-test into the major daily level, we could look for high probability trigger signals at the first re-test and watch to see if price holds as a new price flip resistance.

The first re-test of a level can often be the best and strongest level to hunt price action triggers after that level has broken.

I go into depth how levels and the first test strategy works in the lesson;

Making High High Probability Trade Setups at the First Test Support / Resistance

Make sure when hunting trades you keep the whole price action story in mind including the space you need to trade into.

You can move to as low as time frame as you need using price action, BUT do it in a methodical and profitable way.

If unsure how you should use and move through different time frames read this lesson; Moving From Daily Charts Through to Intraday Charts.

 

Daily GBPJPY Chart

 

4 Hour GBPJPY Chart

 

GBPAUD Daily Chart – A+ Daily BEEB