Forex Market Overview # 2 (300pip GBPUSD trade) Structure based trading : episode - 7 : part - 2
Published: 2017-06-29
Status:
Available
|
Analyzed
Published: 2017-06-29
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The next significant resistance level for GBP/USD is identified as a daily structure level that has previously acted as both resistance and support, and this level will be watched for potential profit-taking on long positions or short entry opportunities.
"our next Red Line here indicates a level of daily structure that was tested multiple times as resistance and support this will be my next level for potential profit taking along with a potential short entry if we get the right kind of Entry reason"
Pending
For GBP/USD, the trader will look for the market to reach the identified resistance level and provide an entry reason, such as a retest of structure on a lower timeframe or a specific candlestick pattern, for a potential short trade.
"what I'll be looking for is the market to push into this level and give me some type of Entry reason some type of retest of structure on a lower time frame or if I'm trying to be very aggressive this is a pretty good level then I may take a position on a certain Candlestick pattern"
Pending
If GBP/USD pulls back, traders will look for an entry reason in the support zone (previously identified as a major structure level now acting as support) to indicate a potential push back up towards the resistance level.
"if this Market pulls back we've already pointed out our major level of structure that we're going to be looking at as support now that the market is above it and it's right here so we'll be looking in this zone for some kind of Entry reason that'll tell us the Market's going to be supported from that zone and a push back up into our red level"
Pending
If GBP/USD does not pull back and instead pushes into the identified red resistance level, traders will look for an entry reason to push the price back down towards the blue support level.
"if this Market doesn't pull back we already discussed that we'll be looking for the market to push into that red level and give us some type of Entry reason to push back down close to our blue level close to our support level that is"
Pending
A specific red line on the daily chart of GBP/USD, tested multiple times in the past, is identified as the next level to watch for a potential shorting opportunity.
"the red line you see on your screen now is actually a level that has been tested multiple times out here on this daily chart and that will be the next level I'll be looking for for a shorting opportunity"
Pending
If GBP/USD pushes directly above the current resistance level, the next shorting opportunity will be considered around the 1.3378 level.
"if this Market continues higher pushes directly above that resistance level then then the next time I'll be looking for a shorting opportunity here on the pound dollar based on the structure based analysis I'm teaching here in this video is when the market gets to the 13378 level"
Pending
Additional resistance levels for GBP/USD are identified at 1.12886 and 1.2629.
"we also have resistance at 1. 12886 and 1. 2629"
Pending
A previously broken resistance level on AUD/USD, now closed above, will serve as a potential support level.
"the next thing I'll be looking for here on this Market let's go ahead and turn this line to blue because this line since being broken and closed above is now going to represent a level in the market that could be support"
Pending
For AUD/USD, traders will watch for the market to reach the resistance level of 0.7712, looking for an entry reason to push the price down to the next daily support level.
"now what we be looking for is either this Market to push up into our next level of resistance at 07712 that area and give us some kind of Entry reason to push us down to our next level of daily support"
Pending
AUD/USD may also pull back from its current position to the next support level, where traders will look for an entry reason to go long.
"or this Market could very well stop where it is now and push down into our next support level here and if that happens then I'll be looking for some type of Entry reason there to go long"
Pending
The nearest support and resistance levels for AUD/USD are identified as 0.76118 for support and 0.7712 for resistance.
"our closest resistance and support level is going to be support at 0.76118 and resistance at 07712"
Pending
If AUD/USD breaks through the current support level, the 0.752 area will be watched as the next potential support level.
"a little bit lower than that is going to be 0.752 that's our support if the market breaks through this previous support level and continues to fall that's the area we'll be looking at for the market to be supported"
Pending
If AUD/USD breaks above its closest resistance level, the 0.789 area will be the next target for resistance.
"and if we break above our closest resistance level here then we'll be looking for the 0.789 area for our next level of resistance"
Pending
A specific level on the USD/CHF chart, previously tested multiple times as support, is identified as a key area where the market is expected to find support.
"we're actually going to be looking at this level here I will go ahead and circle the many times this level's been tested in the past as support and this is going to be the level we look for this Market to be supported from"
Pending
USD/CHF is currently in a downtrend, and trend continuation traders would look for shorting opportunities.
"if the market is in between my higher time frame structure levels like this Market is now and pushing down then that means the Market's in a downtrend and this Market is obviously in a downtrend so if you were trying to make a trend continuation trade you would be wanting to go short here on the dollar Swiss"
Pending
On lower timeframes for USD/CHF, a pullback followed by a consolidation pattern and subsequent breakout would indicate a trend continuation trade.
"if we went down to a lower time frame where we're at right now and we waited on a pullback and some kind of consolidation pattern to trade a breakout here on this pair that would be a trend continuation trade"
Pending
Taking a long position on USD/CHF at the identified blue support level would be considered a counter-trend trade.
"once the market gets to this level if we wait for the market to push down to this blue level and then we take a long opportunity on this Market that is going to be considered a counter Trend trade"
Pending
Resistance for USD/CHF is identified around 0.966. If the market reaches this level, traders will look for a specific entry reason to take a short position, rather than entering blindly.
"on this Market here on the dollar Swiss our resistance is actually going to be around 0.966 and as I was just discussing if this Market pushes up to that I'll be looking for a reason to hop on this trend to the downside meaning looking for an entry reason I will not be just opening a position blindly if the market touches that level"
Pending
If USD/CHF continues lower, the 0.953 level will be a target for counter-trend trading opportunities on lower timeframes.
"and if the market pushes down continues lower as it seems to be doing now we're going to be looking at the 0.953 level for a counter Trend trading opportunity down on Lower time frames"
Pending
If USD/CHF breaks below the 0.953 level, the area between 0.953 and 0.952 will be a significant zone for trend continuation trades to the downside.
"if we bust through that level we have a long way to fall and hint hint for you Trend continuation Traders we have a long way to fall so in that area between our 0.953 and 0.952 structure levels would be a good opportunity for some Trend continuation to the downside"
Pending
If USD/CHF breaks below the 0.952/0.953 structure levels, the 0.92 area will be the next target for counter-trend trading opportunities.
"but if we do bust through that level our next level is going to be down here at 0.92 that area of support is what we'll be looking for for our next counter Trend trading opportunity"
Pending
If USD/CHF pushes above its most previous resistance level, the 0.9853 area will be considered for the next trend continuation possibility.
"if we push above our most previous resistance level we will be looking for our next Trend continuation possibility at the 0.9853 area"
Pending
The 0.9853 area on USD/CHF is considered a highly favorable zone for a very aggressive shorting opportunity due to its historical structure shelf.
"this area is an area that I like a lot so if we get back up to this area I will consider taking a very aggressive entry because of this structure shelf that has been created in the past it's a very nice area for a trade and would make for a beautiful shorting opportunity"
Pending