Master the IBWT pattern

Want

Get it now (risk-free)

8 patterns that make up 98% of my PA income

Get it now (risk-free)

Learn the Scalping Secrets

Get it now (risk-free)

Read on Mobile Enter Reading Mode

GBP/USD Price Action

Posted on Jun 25th, 2015

by colibritrader

Dear Price Action Traders

The price action signal from last time was a long DAX. It has (and still is) playing out quite well. Today’s candle is a pin bar-like and but I believe that more buyers will join in the sessions to come. I have added a small long intraday position yesterday. For now, the level of 12,000 seems very reachable. I believe that this could happen in the next week or so.

For today, I am looking at the GBP/USD. I believe that the uptrend is going to be continued. The bullish rejection that has formed yesterday is giving green light to the short-sellers. It has formed just above the support area at 1.5700. Today’s candle is a small bullish engulfing and I will be looking to go long. My long entry would be at the level of 1.5740. The stop of this trade should be placed just below the level of 1.5650. The first target is the level of 1.5900 and then 1.6000. From then on it all comes down to price action.

Happy Trading,

Colibri Trader

(Visited 280 time, 1 visit today)

Leave a Reply Cancel reply

Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Colibri Trader Ltd, its employees, directors or fellow members. Futures, FOREX, CFDs, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures, FOREX and CFDs markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd's, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.