Dear Traders,
I hope you all had a great weekend and are ready for the week ahead. Weekends are a great time to reset and focus, especially in trading where the constant changes in market prices can sometimes cloud our judgment.
In my recent analysis, I reflected on a period of consecutive losses. However, it's important to remember that while we can't control the market's outcome, we can control our actions and risk management.
With that in mind, let's discuss EURGBP. I've analyzed this pair on the yearly timeframe, but for this discussion, we'll focus on the 4-hour chart.
On February 24th, we saw the price reach a low of 0.8500, a significant psychological level. Subsequently, on Friday, March 8th, and Monday, March 11th, the price attempted to reach those lows again but failed to break below. Currently, it seems that the price may retest the low of 0.8300.
I'm considering entering a buy position at that point because the price has been bouncing off that level with strong rejection wicks.
Looking at the higher timeframe, there's a possibility that the price could test last year's low of 0.84930. In that scenario, I'll reassess my position. For now, my stop-loss is set at 0.85180.
The upside potential for this pair is 0.86890, where I plan to close all my positions. There are also targets around 0.85850, where I'll close most of my positions if the price reaches there.
Let's see how this week unfolds. Until the next update.
Tradebudz.
I hope you all had a great weekend and are ready for the week ahead. Weekends are a great time to reset and focus, especially in trading where the constant changes in market prices can sometimes cloud our judgment.
In my recent analysis, I reflected on a period of consecutive losses. However, it's important to remember that while we can't control the market's outcome, we can control our actions and risk management.
With that in mind, let's discuss EURGBP. I've analyzed this pair on the yearly timeframe, but for this discussion, we'll focus on the 4-hour chart.
On February 24th, we saw the price reach a low of 0.8500, a significant psychological level. Subsequently, on Friday, March 8th, and Monday, March 11th, the price attempted to reach those lows again but failed to break below. Currently, it seems that the price may retest the low of 0.8300.
I'm considering entering a buy position at that point because the price has been bouncing off that level with strong rejection wicks.
Looking at the higher timeframe, there's a possibility that the price could test last year's low of 0.84930. In that scenario, I'll reassess my position. For now, my stop-loss is set at 0.85180.
The upside potential for this pair is 0.86890, where I plan to close all my positions. There are also targets around 0.85850, where I'll close most of my positions if the price reaches there.
Let's see how this week unfolds. Until the next update.
Tradebudz.