That and another down day, kinda blows your theory Trade what's it's doing, never ever ever ever have a bias, 50% of the time there wrong and they create emotions and belief and hope and those 3 together will empty your account quicker than anything.
Yes, it was down but it was an inside bar. GBPUSD refused to appreciate above 1.41600 but still had higher low yesterday. Looking at the chart today, GBPUSD is likely to continue it's bearish move. But Why? GBP in terms of fundamental view...to gain competitive export advantage? GBP fell down against the euro, US dollar and yen while advancing against the Aussie and South African rand. Anyway to an intraday trader like me, it does not matter much...but for my students maybe they want to find out why... I did expect the price to depreciate temporary if it touched the moving average level, but it fell way more. anyway, that was a bearish signal again. My intraday setup is mainly based on moving average and price action. Because I write real time journal using 5, 30 and 60 min charts and keep checking all my criteria every 5 min to identify an optimal entry and also to identify bearish/bullish price, I reduce my bias ... but before using the journal, I admit that I was seriously affected by my bias and suffered some serious loss. Well, thanks for your kind advice
All charts aside, until there is a clear resolution to the referendum GBP will keep sliding, look at GBPJPY.
looking at the live chart, I was right, V shape and on second day after, trend changes ... bullish is entering the GBPUSD now and this is what I call the rolling period
1 up day, does not a bullish market make, it could go up for 5days still proves nothing, then straight back down to a new recent low in 3 days.
You must have been trading various asset types for many years. I am only interested in intraday trend, and not really interested in weekly or monthly trend because Forex market is different from equity market. Countries do concern if their currency appreciate (depreciate) too much because it can hurt their economy and that's why I only focus on intraday bullish/bearish market. But thank you for sharing your opinion, Sir
Confused, your the 1 stating the bear market is over and only trade longs? I'm a scalper, trend of the last 30mins is my Ownly interest.
Looking at (on a one hour chart) swing down from March 30th high drop was -3.14%. So called V bottom retraced only +1.19% Big deal! The trend might be up but ... THE trend is down