The GBP/USD pair was trading in about the same way as the EUR/USD pair in the 30 minute timeframe last Friday. Moreover, even the level refinement was very, very similar. However, unlike the euro/dollar pair, the pound/dollar continues to face a downward trend, as quotes have settled below the upward trend line, which is clearly seen in the chart. Thus, novice traders should have considered short positions from the MACD indicator on Friday. Two of them appeared during the day, and both followed the turns of the upward correction and the discharge of the indicator to the zero level. By the way, here, beginners can pay attention to how the indicator discharged to the zero level and formed signals near it, in contrast to the EUR/USD pair. The first signal, unfortunately, was formed an hour before the European session opened, however, when the European session opened, the price had not yet gone far from the point of formation, so it was possible to open short positions in pursuit at the level of 1.3724. By the way, there was no rebound from this level, but literally an hour later it became clear that the pair had surpassed it, so the sell signal also strengthened. In total, the pair went down more than 60 points, which was enough for the transaction to be closed at Take Profit 40-50 points and for manual closing of the transaction near the 1.3672 level, which was the closest. A rebound from this level, by the way, is also a signal that should have been worked out. For a long position. It was possible to understand that this rebound was only possible in an hour, at the 1.3697 level, but after that the price still went up another 47 points. Therefore, long positions could bring a profit of 40 points at Take Profit or 27 points if you manually close the deal near the 1.3724 level. Furthermore, the MACD indicator formed another sell signal, which, in principle, could already be ignored, since it was gradually approaching the end of trading. However, even if one of the novice traders opened another short position here, it still turned out to be profitable - 13 points. Thus, Friday turned out to be a very successful day for the pound.
Approximately the same signals on the 5-minute timeframe were formed on the 30-minute timeframe on Friday. First, a sell signal was formed to surpass the 1.3724 level. Then a buy signal was formed on a rebound from the 1.3672 level. There was a false sell signal just before the US session started, when the price rebounded off the 1.3724 level, but the price eventually went down around 23 points, which was enough to set Stop Loss to breakeven, at which this deal was subsequently closed. Then the quote overcame the 1.3724 level from the bottom up, but at that moment a buy deal had already been opened on the 30-minute timeframe. Duplication was clearly not worth it. In any case, even if novice traders opened a buy deal here, it brought a negligible loss, but at least they managed to earn around 80 points on the 30-minute timeframe.
How to trade on Monday:
On Monday, we recommend trading according to the downward trend on the 30-minute timeframe again. Therefore, you should wait for new sell signals tomorrow. To do this, the MACD indicator needs to turn up again and afterwards it can generate new sell signals. No important and interesting events scheduled in Britain and the United States on April 12. The important levels on the 5 minute timeframe are 1.3672, 1.3724 and 1.3750. The price can bounce off them or surpass them. As before, we set Take Profit at a distance of 40-50 points on a 30-minute timeframe, while the target on a 5-minute timeframe is the nearest level. If the nearest level is far, then you should maintain the deal in manual mode, tracking changes in the market. When passing 20 points in the right direction, we recommend setting Stop Loss to breakeven.
