Download MetaTrader 5

GBPUSD Technical Analysis and Forecast 05.05 - 12.05 : Bullish

To add comments, please log in or register
Publish your article and win recognition from thousands of traders!
Sergey Golubev
Moderator
55875
Sergey Golubev 2013.05.05 14:10 

Last week GBPUSD broke Sinkou Span B line to primary reversal to bullish market condition and the price was on sadeway in the end of the week. Price broke 1.5494 resistance line (which is the border of Ichimoku cloud namely Sinkou Span B) and stayed above the cloud witholut any correction and any breakout of 1.5605 resistance level.

If the price will break 1.5418 support line so we may have ranging market condition. if the price will break 1.5575 and 1.5605 resistance lines so the bullish trend will be continuing with good profit for the traders.

  • Recommendation for long: watch the price crossing 1.5575 to go long
  • Recommendation to go short: none
  • Trading Summary: possible long

 

UPCOMING EVENTS (high/medium impacted news events which may be affected on GBPUSD price movement for the next week)

2013-05-06 13:00 GMT | [EUR - ECB President Draghi Speaks]

2013-05-09 08:30 GMT | [GBP - Manufacturing Output

2013-05-09 11:00 GMT | [GBP - Interest Rate]  

2013-05-10 13:30 GMT | [USD - Fed Chairman Bernanke Speaks] 

 

 

ResistanceSupport
1.55751.5418
1.56011.5358
1.56051.5196
--------- --------- 

 

SUMMARY : Bullish

TREND : Sideway

 

Intraday Analysis

 

 

Price is on sideway market condition floating between support and resistance lines. I think - it may be correction after breakout which was on last week. Our recommendation - wait for long for the price to cross resistance levels. 

Sergey Golubev
Moderator
55875
Sergey Golubev 2013.05.06 16:53  
newdigital: 

Price is on sideway market condition floating between support and resistance lines. I think - it may be correction after breakout which was on last week. Our recommendation - wait for long for the price to cross resistance levels. 

 

Yes, the correction was started on H4 timeframe and breakdown with price reversal to bearish is going on right now for H1. I think - we can expect the correction on D1 timeframe next days.

 

MetaTrader Trading Platform Screenshots

GBPUSD, H4, 2013.05.06

MetaQuotes Software Corp., MetaTrader 5, Demo

gbpusd h1 correction going on

GBPUSD, H4, 2013.05.06, MetaQuotes Software Corp., MetaTrader 5, Demo

 

MetaTrader Trading Platform Screenshots

GBPUSD, H1, 2013.05.06

MetaQuotes Software Corp., MetaTrader 5, Demo

gbpusd h1 breakdown with possible price reversal

GBPUSD, H1, 2013.05.06, MetaQuotes Software Corp., MetaTrader 5, Demo


 


Sergey Golubev
Moderator
55875
Sergey Golubev 2013.05.07 16:02  

Breakdown was started on H4 timeframe for this pair:

MetaTrader Trading Platform Screenshots

GBPUSD, H4, 2013.05.07

MetaQuotes Software Corp., MetaTrader 5, Demo

gbpusd h4 breakdown started

GBPUSD, H4, 2013.05.07, MetaQuotes Software Corp., MetaTrader 5, Demo


I mean: if the price will break 1.5520 from above to below so it may be good to open sell trade. But if we look at H1 timeframe:

MetaTrader Trading Platform Screenshots

GBPUSD, H1, 2013.05.07

MetaQuotes Software Corp., MetaTrader 5, Demo

gbpusd h1 ranging

GBPUSD, H1, 2013.05.07, MetaQuotes Software Corp., MetaTrader 5, Demo


we will see that market is on ranging market condition - it may be good for "martingale people" and for "scalpers" but not good for trend follwing systems. So, I will have for the next opposunity. 

Sergey Golubev
Moderator
55875
Sergey Golubev 2013.05.07 16:13  

Yes, breakdown: +25 pips in profit for now

MetaTrader Trading Platform Screenshots

GBPUSD, H4, 2013.05.07

MetaQuotes Software Corp., MetaTrader 5, Demo

gbpusd h4 breakdown

GBPUSD, H4, 2013.05.07, MetaQuotes Software Corp., MetaTrader 5, Demo


First take profit level will be at 1.5483 

Sergey Golubev
Moderator
55875
Sergey Golubev 2013.05.07 16:28  

And this is how this breakdown looks in PriceChannel Parabolic system 

MetaTrader Trading Platform Screenshots

GBPUSD, M30, 2013.05.07

MetaQuotes Software Corp., MetaTrader 5, Demo

gbpusd m30 price channel

GBPUSD, M30, 2013.05.07, MetaQuotes Software Corp., MetaTrader 5, Demo



Do you see red dotted line? this is support line by MaksiGen indicator. So, it is how this system looks in the combination with MaksiGen trading system

Sergey Golubev
Moderator
55875
Sergey Golubev 2013.05.07 16:40  
newdigital:

Yes, breakdown: +25 pips in profit for now


First take profit level will be at 1.5483 

Yes, this level was taken:

MetaTrader Trading Platform Screenshots

GBPUSD, M30, 2013.05.07

MetaQuotes Software Corp., MetaTrader 5, Demo

gbpusd m30

GBPUSD, M30, 2013.05.07, MetaQuotes Software Corp., MetaTrader 5, Demo


MetaTrader Trading Platform Screenshots

GBPUSD, H4, 2013.05.07

MetaQuotes Software Corp., MetaTrader 5, Demo

gbpusd h4

GBPUSD, H4, 2013.05.07, MetaQuotes Software Corp., MetaTrader 5, Demo


Sergey Golubev
Moderator
55875
Sergey Golubev 2013.05.07 16:44  

+304 dollars

 

Does anyone need money? if yes so read this threrad from the beginning Market Condition Evaluation based on standard indicators in Metatrader 5 because market condition understanding = money

 

 

Sergey Golubev
Moderator
55875
Sergey Golubev 2013.05.08 16:27  

Breakout was started on H1 timeframe (on open bar for now sorry):

MetaTrader Trading Platform Screenshots

GBPUSD, H1, 2013.05.08

MetaQuotes Software Corp., MetaTrader 5, Demo

gbpusd breakout

GBPUSD, H1, 2013.05.08, MetaQuotes Software Corp., MetaTrader 5, Demo


Sergey Golubev
Moderator
55875
Sergey Golubev 2013.05.08 16:29  

And breakout may be started on H4 on open bar (just to remind that we are trading on close bar):

MetaTrader Trading Platform Screenshots

GBPUSD, H4, 2013.05.08

MetaQuotes Software Corp., MetaTrader 5, Demo

gbpusd h4

GBPUSD, H4, 2013.05.08, MetaQuotes Software Corp., MetaTrader 5, Demo


Anyway - I opened buy trade ... (you see it from the image above) 

Sergey Golubev
Moderator
55875
Sergey Golubev 2013.05.08 17:57  

This is updated situation for right now: +12 pips in profit

MetaTrader Trading Platform Screenshots

GBPUSD, H4, 2013.05.08

MetaQuotes Software Corp., MetaTrader 5, Demo

gbpusd h4 breakout

GBPUSD, H4, 2013.05.08, MetaQuotes Software Corp., MetaTrader 5, Demo


Sergey Golubev
Moderator
55875
Sergey Golubev 2013.05.08 18:57  
I placed stop loss value at 1.5478 ... will see ....
Documentation on MQL5: Standard Constants, Enumerations and Structures / Trade Constants / Order Properties
Documentation on MQL5: Standard Constants, Enumerations and Structures / Trade Constants / Order Properties
  • www.mql5.com
Standard Constants, Enumerations and Structures / Trade Constants / Order Properties - Documentation on MQL5
12
To add comments, please log in or register