I hope that you have made some good profits from the upmove on Friday. For user of my trade copier, we have made some nice profits from the GBPUSD and EURUSD upmove.
With the movement, there are some trading opportunities coming up on Monday and I will like to share this with you so that you can make some profits from it as well.
My GBPUSD Analysis
The GBPUSD has made a sharp upward movement on Friday and it is very near a major resistance at 1.40077.
If you take a look at the picture below, you can see that it is now moving within a trend channel. What I will do is to wait for the price to break above the resistance of the trend channel before I enter a BUY trade.
The reason why we do not enter the BUY trade now is because the price might move down instead to continue in the sideway trend channel movement. So we need to wait for the breakout first before entering the BUY trade. If not, we will then look for opposite to trade the channel.
My GBPJPY Analysis
For the GBPJPY, there is a formation of a symmetrical triangle which is usually a sign of a continuation of the trend. If you take a look at the picture below, you can see that the price is in an up trend and therefore there is a high chance that the price will move up further.
However there is a fakeout on Friday for for the GBPJPY and if you have read my previous blog post, you will know how to trade fakeout.
If the price breaks downward on Monday, I will recommend you to enter a SELL trade and take profits at 50 pips.
But if the price breaks upwards again on Monday after hitting the EMAs, you can enter a BUY trade as this second breakout has a higer chance of winning.
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