GBPUSD, big move in week 1
GBPUSD, one of my frequently traded pair. It moved in line with our analysis for week 1, 2019. The pair made a last push upwards, breaking the high of the M formation which we identified in week 52, 2018. It then made a quick turn around and went down straight for hundreds of pips. If you have shorted this pair with EURUSD, you would be very profitable for week 1, 2019.
I have shifted the zone 3 to the little M formed in week 1, 2019. I did that because I realised that the last zone which I identified has the same low as the bullish zone 2. For a trend to be in effect, it must fulfill two guiding principles,
1. A higher high
2. A higher low
In my week 52, 2018 analysis, there is a higher high, but there is a low which is almost the same for zone 2 and 3, thus, I shifted them for my week 1, 2019 analysis. Not too much of an issue, my outlook remains the same.
For week 2, I am looking at a good short. I will be more inclined to short in GBPUSD as compared to EURUSD, as the range seems to be larger. The next point that price should reach will be the low that was created in week 1's move, it has got a lot of room for the drop.
Let's get ready for week 2 and hope all you traders continue a profitable week!
If you have any thoughts on GBPUSD's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
I have shifted the zone 3 to the little M formed in week 1, 2019. I did that because I realised that the last zone which I identified has the same low as the bullish zone 2. For a trend to be in effect, it must fulfill two guiding principles,
1. A higher high
2. A higher low
In my week 52, 2018 analysis, there is a higher high, but there is a low which is almost the same for zone 2 and 3, thus, I shifted them for my week 1, 2019 analysis. Not too much of an issue, my outlook remains the same.
For week 2, I am looking at a good short. I will be more inclined to short in GBPUSD as compared to EURUSD, as the range seems to be larger. The next point that price should reach will be the low that was created in week 1's move, it has got a lot of room for the drop.
Let's get ready for week 2 and hope all you traders continue a profitable week!
If you have any thoughts on GBPUSD's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like this analysis, and follow me for my weekly updates!
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