GBPUSD GBPJPY & GBPCAD Trade Setups For Today. These possible trades are based on GBP Index. GBP Index weekly chart is making a strong short setup. In other words, GBP might be getting weaker. So, if that happens, all GBP pairs will be going down. I will be using my “Magic IB System” to take short setups when they show up.
We all know that the Forex market is open 24 hours.
But, one should keep in mind that there are certain facts that if you do not pay attention to, they can cost you a lot. Let me tell you about a few of the most important ones.
Important Factors When Taking GBPUSD, GBPJPY, & GBPCAD Trades. Pay attention to them.
- Time of the day.
There are times when some pairs move a lot and some just do not move but fall into the ranging mode. we need to know why? VOLUME
- Fundamentals, News
Because of the fact that news is what moves the market, we need to be aware of the economic calendar which gives us a schedule of the different news about different currencies.
- Previous Weekly highs and lows.
Previous monthly and weekly highs and lows are the keys to this business. You should always draw this #s on your entry charts. These highs and lows are the major S & R levels.
- Trend lines and channels on higher time frames.
knowing how to draw a trendline properly is a must. If you draw a trendline wrongly, it can cost you dearly. Channels are also very important.
- Previous Patterns.
Includes Harmonic patterns as well as Elliott Wave study.
A Forex trader should know a little bit if not too much about these studies.
- Long term and short term trends of all the pairs you like to trade.
- And last but not least a Trading System. Even if you learn all of these aspects of trading Forex, you still need to have a good entry system.