Trading Edges That Last
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"How much money will I make trading Forex?" is the question I am going to answer in this article. I have posted another article, Position Sizing For Forex Traders ...READ MORELawrence's Comment Recap Consolidation at 50% week range. Initial FBO against Y+1 led to a pullback to Y-0. Y-0 held and gave us a retest of Y+1. Closed the week above Y-0 ...READ MOREFor more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time scheduleREAD MORELawrence's Comment Recap Slow drift up at 50% previous week range. After all, no one dare to challenge BOJ at this point. Closed the week near week high and above Y+1. Outlook Japan will ...READ MOREFor more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time scheduleREAD MOREPrecog Vision – Forex 2012-4-16Day Trading Income Potential For Forex Traders andAUDUSD Oct 19 to Oct 23 Outlook3DP Odds Table (GBPUSD) 2018-12-19Precog Vision – Forex 2015-8-103DP Odds Table (GBPUSD) 2011-08-18USDJPY Jul 01 to Jul 05 OutlookPrecog Vision – Forex 2015-7-27Dow 30 Mar 19 to Mar 23 OutlookS&P 500 Jun 04 to Jun 08 Outlook
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GBPUSD Jan 31th to Feb 4th Outlook
Last Week Recap
Mini DT led to a quick selloff to month midpoint (the usual stop point for sudden moves, btw). Then staged a 1-2-3 buy, and tagged minimal target at prior week close. Closed the week below midpoint but above prior week low.
Next Week Outlook
Unlike EURUSD, GBPUSD is more bullish overall because it has successfully defended itself from completing the 50% downside range expansion. A retest of previous week low is likely but not necessary.
If the prior week low acts as support and early in the week the pair tags its previous week high area (green zone) then monthly range expansion to the upside is possible.
Key price level to watch is the high of the first week of the month (red zone). If it is broken and turns into resistance, GBPUSD will head to 1.50 area very quickly.
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