Hey traders, if you read my weekly trading schedule and analysis post, remember I mentioned about the British Pound (GBP), being the “rainmaker” for this week. As we all know, ever since the BREXIT, the GBPUSD had been steadily weakening considerably. It was marked this week that from Mon-Thurs, it would be going through a round of appeals, and thus, the GBP had been very bullish over the past days, clawing back ground against the USD and the EUR. In the analysis I gave during Monday’s webinar, I mentioned that should the GBPUSD go higher, with potential to hit the 200MA, simultaneous with the EURGBP pushing lower, it’s going to catalyse the market for some “stair-cased” price action, i.e. trending moves with only sideway movement recovery, and ultimately, a Binary trader’s dread.
Pound Hopes Dampened, Business As Usual!
The good news is that… that ain’t happening. For now it seems that the GBP had let off steam, and come off the highs it was trying to push, very evident in both the GBPUSD H4 chart, and the EURGBP D1 chart. Check it out below…
Here’s the GBPUSD H4. Look at that break of Bollinger Period 20, Deviation 1, coming to MA100! All of a sudden!
Simultaneously, we can see how the EURGBP on D1, has found its bottom from that “Free-Fall” lasting the past 20 days, and has signs of coming back up.
Consequently, albeit with lower-than-usual volume to drive M1 price action, it’s becoming more of what Binary Lab trading methods are able to get profits from.
Steady Trading Performance During Binary Lab Live Webinar
Today’s webinar, despite a cautious approach to sideway price behaviour, had a good result. My directive was to stop trading as soon as we encounter 3 consecutive trade setups that require martingale to win. That didn’t happen. We finally ended the session short of Europe lunch time.
Members can go into our Binary Lab FB or Telegram group to check out this webinar’s replay.
Click to view each of the trade setups HERE.
(**Note: Learn how to make use of trade setup screenshots for your own trading improvement by watching this FB Live Video.)
Good trading,
Julian Wong,
Founder, The Binary Lab
P.S. On a lighter note, check out this great exhaust system I bought for my car just today! FB Post Here.
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