empty
 
 

Forex Analysis & Reviews: How to trade GBP/USD on November 28, 2022. Simple trading tips and analysis for beginners
time 27.11.2022 02:31 PM
time Relevance up to, 28.11.2022 08:24 AM

Analyzing Friday trades:

GBP/USD on 30M chart

This image is no longer relevant

GBP/USD showed even worse movement than EUR/USD on Friday. If the euro showed at least some form of local movements during the day, then the pound was flat. Again, it is not surprising since there was no fundamental and macroeconomic background. The market fully worked out the news about the British Supreme Court's decision not to hold an independence referendum in Scotland without Westminster approval, so now we need new growth factors for the pound. As I mentioned before, the pound has plenty of technical reasons for its growth. We even have a clear uptrend line on the 30-minute chart, so the British currency's growth is justified, at least technically. The picture is approximately the same on the other charts as well. I still expect a downward correction, but in this case, the pound needs to settle below the trend line.

GBP/USD on M5 chart

This image is no longer relevant

On the 5-minute chart, all trading signals turned out to be false due to the flat movement. If beginners could not lose money using the first buy signal near the level of 1.2079, since the price passed 20 points that was required for a Stop Loss, then all subsequent signals were just simply unprofitable. It's a good thing that our trading system does not recommend traders to work out more than two signals near the same level if the first two turned out to be false. Therefore, beginners didn't make any loss or profit on the first trade, while the second one (settling below the 1.2079 level at the beginning of the US session) incurred only a small loss. Traders shouldn't have used the third and fourth signals. The daily volatility rate was about 70 pips which is very low for the pound.

Trading tips on Monday:

The uptrend is still maintained on the 30-minute time frame, which continues to be supported by the ascending trend line. We still believe that the pair will start falling in the next week or two, so we are waiting for the price to cross this line. However, till that day, we have to admit that the technical factors speak in favor of the pound's growth, though the fundamentals and macroeconomics do not always support the pound. On the 5-minute chart tomorrow, it is recommended to trade at the levels 1.1863-1.1877, 1.1950-1.1957, 1.1994, 1.2079, 1.2141, 1.2186-1.2205, 1.2245-1.2260, 1.2329-1.2337. As soon as the price passes 20 pips in the right direction, you should set a Stop Loss to breakeven. On Monday, there are no important events or reports in the UK or the US, so it will probably be a boring day for the pair.

Basic rules of the trading system:

1) The strength of the signal is determined by the time it took the signal to form (a rebound or a breakout of the level). The quicker it is formed, the stronger the signal is.

2) If two or more positions were opened near a certain level based on a false signal (which did not trigger a Take Profit or test the nearest target level), then all subsequent signals at this level should be ignored.

3) When trading flat, a pair can form multiple false signals or not form them at all. In any case, it is better to stop trading at the first sign of a flat movement.

4) Trades should be opened in the period between the start of the European session and the middle of the US trading hours when all positions must be closed manually.

5) You can trade using signals from the MACD indicator on the 30-minute time frame only amid strong volatility and a clear trend that should be confirmed by a trendline or a trend channel.

6) If two levels are located too close to each other (from 5 to 15 pips), they should be considered support and resistance levels.

On the chart:

Support and Resistance levels are the levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.

Red lines are channels or trend lines that display the current trend and show in which direction it is better to trade now.

The MACD indicator (14, 22, and 3) consists of a histogram and a signal line. When they cross, this is a signal to enter the market. It is recommended to use this indicator in combination with trend patterns (channels and trendlines).

Important announcements and economic reports that can be found on the economic calendar can seriously influence the trajectory of a currency pair. Therefore, at the time of their release, we recommend trading as carefully as possible or exiting the market in order to avoid sharp price fluctuations.

Beginners on Forex should remember that not every single trade has to be profitable. The development of a clear strategy and money management is the key to success in trading over a long period of time.

Paolo Greco,
ผู้เชี่ยวชาญด้านการวิเคราะห์ของ InstaForex
© 2007-2023
GBPUSD
Great Britain Pound vs US Dollar
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Start trade
Start trade

บทวิเคราะห์ของทาง InstaForex จะทำให้คุณทราบถึงแนวโน้มของตลาด! ในการที่เป็นลูกค้าของทาง InstaForex นั้นคุณจะได้รับการบริการเพื่อการซื้อขายอย่างเต็มประสิทธิภาพอย่างมากมาย

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    เข้าร่วมการแข่งขัน
  • Chancy Deposit
    ฝากเงินในบัญชีของคุณใน $3,000 และรับ $1000 ไปเพิ่ม!
    ใน กุมภาพันธ์ ทางเราได้ออก$1000 ภายในแคมเปญ Chancy Deposit !
    คว้าโอกาสที่จะชนะด้วยการฝากเงิน $3,000 ไปในบัญชีเทรด เมื่อทำตามเงื่อนไขนี้แล้ว คุณก็จะกลายเป็นผู้เข้าร่วมแคมเปญ
    เข้าร่วมการแข่งขัน
  • เทรดให้ดีแล้วคว้ารางวัล
    เติมเงินในบัญชีของคุณอย่างน้อย $500 สมัครเข้าร่วมการแข่งขัน และลุ้นรับรางวัลอุปกรณ์ติดต่อสื่อสารแบบพกพา
    เข้าร่วมการแข่งขัน
  • โบนัส 100%
    โอกาสพิเศษของคุณในการรับโบนัส 100% จากเงินฝากของคุณ
    รับโบนัส
  • โบนัส 55%
    สมัครรับโบนัส 55% สำหรับการฝากทุกครั้ง
    รับโบนัส
  • โบนัส 30%
    รับโบนัส 30% ทุกครั้งที่คุณเติมเงินในบัญชีของคุณ
    รับโบนัส

Recommended Stories

EUR/USD and GBP/USD trading plan for beginners on February 7, 2023

The EURUSD currency pair not only managed to maintain its inertia despite the technical signal that the euro was oversold, it managed to stay below the value of 1.0750

Gven Podolsky 10:42 2023-02-07 UTC+2

Trading plan for EUR/USD and GBP/USD on February 7

Although the retail sales data for the Euro area was revised upwards, the number itself is still noticeably worse than the forecast. The rate of decline was expected to slow

Mark Bom 08:43 2023-02-07 UTC+2

How to trade GBP/USD on February 7. Simple trading tips and analysis for beginners

GBP/USD tried to continue the downward movement on Monday, but failed to cross 1.2008. It also failed to enter a strong bullish correction so the pair was flat for most

Paolo Greco 08:38 2023-02-07 UTC+2

How to trade EUR/USD on February 7, 2023. Simple trading tips and analysis for beginners

Overview of Monday trades: EUR/USD continued to decline on Monday but with less volatility. As we have mentioned before, the momentum movement from Friday and Thursday continued through Monday. There

Paolo Greco 07:56 2023-02-07 UTC+2

Outlook and trading signals for GBP/USD on February 7. COT report. Pound retreats from the collapse

GBP/USD managed to avoid sharp losses on Monday, but still fell several dozens of points. In general, it moved mostly sideways than downward, so we can say that the market

Paolo Greco 07:27 2023-02-07 UTC+2

EUR/USD: trading plan for the European session on February 7, 2023. Commitment of Traders COT report (analysis of yesterday's trades). Euro continues to fall

There was only one market entry signal yesterday. Let us have a look at the 5-minute chart and figure out what happened. A breakout and a upward retest

Miroslaw Bawulski 07:16 2023-02-07 UTC+2

EUR/USD: Forecast and trading signals on February 7, 2023. COT report. Detailed analysis of price movement and trades

On Monday, the EUR/USD pair was bearish. In spite of the empty macroeconomic calendar, traders found a reason to sell the instrument. Yet, a couple of weeks ago, there

Paolo Greco 06:28 2023-02-07 UTC+2

Trading plan for US dollar index on February 07, 2023

The US dollar index rallied through the 103.40 highs during the New York session on Monday before finding resistance. The index is seen to be trading close to 103.10

Oscar Ton 03:28 2023-02-07 UTC+2

Trading plan for EURUSD on February 07, 2023

EURUSD dropped through the 1.0709 lows late in the New York session on Monday before finding mild bids. The bears might not be done yet as they prepare to drag

Oscar Ton 03:10 2023-02-07 UTC+2

EUR/USD heading towards 1.0500

The EUR/USD pair dropped below the uptrend line and below the 1.0771 former low which represented downside obstacles, signaling that the upward movement ended and that we may have

Ralph Shedler 20:30 2023-02-06 UTC+2
หากไม่สะดวกคุยในตอนนี้
ระบุคำถามไว้ได้ใน แชท.