GBPUSD Trading Analysis 01.06.2021
Dear traders,
Last time I wrote about USDCAD.
The pair still seems to be finding its feet.
After going lower, USDCAD started gaining some momentum, but it is still too early to define a direction.
GBPUSD Trading Analysis 01.06.2021
Today, I am looking at GBPUSD.
There is a major supply zone at where the price is located at the moment.
The daily candle is a bearish engulfing candle.
It looks like the stars are aligning for a bearish scenario.
What I will be looking for in tomorrow’s trading session:
- Retracement back to the 1.4180 level
- Bearish confirmation from a 4H candlestick
If I do not see those two criteria aligning, I might just move one without doing anything.
If I see a bearish confirmation from the 4H, I might considering shorting this pair.
In all circumstances, I will be extra careful because we are still in a major uptrend.
Happy trading,
Colibri Trader
You trade on Daily and 4H timeframe a lot. If you don’t mind me asking that why you don’t use lower timeframe to achieve a better RR? It’s avoid complexity thing or easier to get stopped not your trading style thing?
I do use other timeframes, as well. It depends on the trading strategy that I am using. In my day trading strategy, I go down to 1 minute for better fine tuning- https://daytrading.colibritrader.com/. But for long-term trades smaller timeframes a very noisy and hence better to concentrate on the higher timeframes