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Analysis of Trades and Tips for Trading the British Pound
The test of the 1.2764 price level in the first half of the day occurred when the MACD indicator had just begun moving downward from the zero line, confirming a valid entry point for selling the pound in anticipation of a decline. Unfortunately, after a 10-point drop, the pressure on the pound weakened, affecting the downward potential. It's clear that in the second half of the day, we are unlikely to see anything significant, as there is no economic data from the U.S. and no scheduled speeches from Federal Reserve representatives. For this reason, it's better to trade within the newly established price range. As for the intraday strategy, I plan to act based on the implementation of Scenario No. 2.
Buy Signal
Scenario No. 1: Today, I plan to buy the pound upon reaching the entry point around 1.2785 (the green line on the chart) with the target of rising to the 1.2802 level (the thicker green line on the chart). Around 1.2829, I will exit the purchases and open sell positions in the opposite direction (expecting a movement of 30-35 points in the opposite direction from the level). Further growth of the pound today is unlikely, especially after the morning setback. Important: It is important that, before buying, you ensure the MACD indicator is above the zero line and just beginning to rise.
Scenario No. 2: I also plan to buy the pound today in the event of two consecutive tests of the 1.2749 price level when the MACD indicator is in the oversold zone. This will limit the pair's downward potential and lead to an upward reversal. A rise to the opposite levels of 1.2785 and 1.2829 can be expected.
Sell Signal
Scenario No. 1: I plan to sell the pound today after it breaks below the 1.2749 level (the red line on the chart), which will lead to a quick decline in the pair. The key target for sellers will be the 1.2722 level, where I will close the short positions and immediately open long positions in the opposite direction (expecting a movement of 20-25 points in the opposite direction from the level). Sellers are also unlikely to be very active today, so it's preferable to act near the upper levels. Important: Before selling, ensure that the MACD indicator is below the zero line and just beginning to decline.
Scenario No. 2: I also plan to sell the pound today in the event of two consecutive tests of the 1.2785 price level when the MACD indicator is in the overbought zone. This will limit the pair's upward potential and lead to a downward reversal. A decline to the opposite levels of 1.2749 and 1.2722 can be expected.
Chart Legend:
Important Note:
Beginner traders on the forex market should be very cautious when making decisions about market entry. It's best to stay out of the market before the release of important fundamental reports to avoid getting caught in volatile market movements. If you choose to trade during news releases, always set stop orders to minimize losses. Without stop orders, you can quickly lose your entire deposit, especially if you do not use money management and trade large volumes.
Remember, to trade successfully, you need a clear trading plan, like the one presented above. Spontaneous trading decisions based on the current market situation are generally an unprofitable strategy for an intraday trader.
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