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Review of Trades and Advice on Trading the British Pound
The test of the 1.2978 price level occurred when the MACD indicator had just started moving downward from the zero line, confirming the correct entry point into the market. However, the pair did not experience a major drop, resulting in losses being realized. Then, a test of the 1.2992 price occurred when the MACD began moving upward from the zero line, allowing a purchase of the pound, which helped recover losses and earn a small profit. The upward movement quickly reached the target level of 1.3016. In the second half of the day, we are expecting data on retail sales for September. Additionally, reports on initial jobless claims, the Philadelphia Fed Manufacturing Index, and industrial production figures will be released. Only very strong figures could harm the pound's upward potential. As for intraday strategy, I plan to act based on Scenario #1 and Scenario #2.
Buy Signal
Scenario #1: I plan to buy the pound today upon reaching the entry point around 1.3027 (green line on the chart) with a target of rising to the 1.3056 level (thicker green line on the chart). At 1.3056, I plan to exit the purchases and open sell positions in the opposite direction (expecting a movement of 30-35 points downward from the level). The pound's growth today can be expected only after weak U.S. economic data. Very important! Before buying, make sure the MACD indicator is above the zero line and is just beginning its upward movement from it.
Scenario #2: I also plan to buy the pound today in the case of two consecutive tests of the 1.3004 price, at a time when the MACD indicator is in the oversold area. This will limit the pair's downward momentum and lead to a market reversal upward. Growth can be expected towards the opposite levels of 1.3027 and 1.3056.
Sell Signal
Scenario #1: I plan to sell the pound today after breaking below the 1.3004 level (red line on the chart), which should lead to a quick decline. The key level for sellers will be the 1.2977 level, where I plan to exit the sales and immediately buy in the opposite direction (expecting a movement of 20-25 points in the opposite direction from the level). Sellers are likely to take control if the pair fails to hold at 1.3027. Important! Before selling, make sure the MACD indicator is below the zero line and just beginning to fall from it.
Scenario #2: I also plan to sell the pound today in the case of two consecutive tests of the 1.3027 price, when the MACD indicator is in the overbought area. This will limit the pair's upward potential and lead to a market reversal downward. A decline can be expected toward the opposite levels of 1.3004 and 1.2977.
Chart Explanation:
Important:Beginner traders in the forex market need to be very cautious when making decisions about entering the market. It's best to stay out of the market before key fundamental reports are released to avoid sudden price fluctuations. If you decide to trade during economic reports, always set stop-loss orders to minimize losses. Without stop-losses, you could quickly lose your entire deposit, especially if you do not practice money management and trade large volumes.
Remember, for successful trading, you need a clear trading plan, like the one outlined above. Making spontaneous trading decisions based on the current market situation is initially a losing strategy for an intraday trader.
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