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Trade Review and Tips for Trading the British Pound
The test of the 1.2905 price level occurred when the MACD line had just started moving above the zero line, confirming a favorable entry point for buying the pound. As a result, the pair rose by about 10 points, but the momentum soon faded. Important U.S. economic data is scheduled for release in the second half of the day. Strong data on the unemployment rate, non-farm employment, and average hourly earnings may provide a reason to sell the pound and buy the dollar. Otherwise, the pair may see significant growth. For the intraday strategy, I'll focus more on Scenario #1, as I expect strong directional movement following the data release.
Buy Signal
Scenario #1: Today, I plan to buy the pound if it reaches the entry point around 1.2926 (green line on the chart), targeting a rise to 1.2979 (thicker green line on the chart). I intend to close positions around 1.2979 and open a sell position in the opposite direction, anticipating a movement of 30-35 points from that level. Today's pound rally can be expected only after weak U.S. data. Note: Before buying, ensure that the MACD line is above the zero mark and just beginning its upward movement.
Scenario #2: I also plan to buy the pound today in the event of two consecutive tests of the 1.2904 price level, with the MACD line in the oversold zone. This will limit the pair's downward potential and likely prompt a reversal upward. I expect growth toward the opposite levels of 1.2926 and 1.2979.
Sell Signal
Scenario #1: I plan to sell the pound after it breaks below the 1.2904 level (red line on the chart), which would likely lead to a rapid decline in the pair. The primary target for sellers is 1.2861, where I plan to exit short positions and immediately initiate a buy order in the opposite direction, anticipating a movement of 20-25 points from that level. Sellers are expected to act if the economic reports are strong. Note: Before selling, ensure that the MACD line is below the zero mark and just beginning its downward movement.
Scenario #2: I also plan to sell the pound today if there are two consecutive tests of the 1.2926 level, with the MACD line in the overbought area. This will limit the pair's upward potential and likely lead to a reversal downward. I expect a decline toward the opposite levels of 1.2904 and 1.2861.
Chart Key:
Important
Beginner Forex traders should be very cautious when making entry decisions. It's best to stay out of the market before significant fundamental reports to avoid sudden price fluctuations. If you decide 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 trade large volumes without using money management.
Remember, successful trading requires a clear trading plan, like the one provided above. Making impulsive trading decisions based on the current market situation is inherently a losing strategy for intraday traders.
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