This system made use of Trend Line, Support & Resistance, Price Action.
Indicators are not a key factor in this system.
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Management:
Open a position, set small short loss range ( 15 to 40 pips ) will help limit the loss.
Its easier to reach a 1:1 Risk Reward in such situation too.
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Post #1
Trend - Short Term Breakout of bearish down fall.
Support - Seen at 1.7020 area
Resistance seen at trend line:
Smaller Resistance 1.7050
Bigger Resistance 1.7060 area - 1.7070 area
Related news buying: Retail Sales - Expect 0.2% , Prior -0.5%
TDI Indicator - Trader Dynamic Index show a buy signal due to the rally of 10-20 pips in the past hour after that small period of ranging market .
How will this affect GDP release tommorow and the Prospect of Pounds ?
Retail sales is a key factor contribute to GDP and a good data will keep the pounds bidding till tommorow GDP and continue on if both are good.
If retail sales is expected or better than expected, it will benefit tommorow GDP release at the same time.
This will invoke the Pounds hawk to do more buying after 6 days of consecutive pound loss against the dollar.
We are at the key level 1.7000 which strong support come in at 1.7010 to 1.7020 area for now
Supporting news (prior)
CBI Realized Sales - Result 21, expect 18 , prior 4
It's a leading indicator of consumer spending because retailer and wholesaler sales are directly influenced by consumer buying levels
However there are many bad cases like fall in Average Earning, Drop in Manufacturing and Service PMI etc. which put caution to the GDP tommorow in some way.
An upbeat Retail sales will help the GDP tommorow.
My Position: GBP/USD LONG
Indicators are not a key factor in this system.
--------
Management:
Open a position, set small short loss range ( 15 to 40 pips ) will help limit the loss.
Its easier to reach a 1:1 Risk Reward in such situation too.
--------
Post #1
Trend - Short Term Breakout of bearish down fall.
Support - Seen at 1.7020 area
Resistance seen at trend line:
Smaller Resistance 1.7050
Bigger Resistance 1.7060 area - 1.7070 area
Related news buying: Retail Sales - Expect 0.2% , Prior -0.5%
TDI Indicator - Trader Dynamic Index show a buy signal due to the rally of 10-20 pips in the past hour after that small period of ranging market .
How will this affect GDP release tommorow and the Prospect of Pounds ?
Retail sales is a key factor contribute to GDP and a good data will keep the pounds bidding till tommorow GDP and continue on if both are good.
If retail sales is expected or better than expected, it will benefit tommorow GDP release at the same time.
This will invoke the Pounds hawk to do more buying after 6 days of consecutive pound loss against the dollar.
We are at the key level 1.7000 which strong support come in at 1.7010 to 1.7020 area for now
Supporting news (prior)
CBI Realized Sales - Result 21, expect 18 , prior 4
It's a leading indicator of consumer spending because retailer and wholesaler sales are directly influenced by consumer buying levels
However there are many bad cases like fall in Average Earning, Drop in Manufacturing and Service PMI etc. which put caution to the GDP tommorow in some way.
An upbeat Retail sales will help the GDP tommorow.
My Position: GBP/USD LONG
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