First of all, the GBP/USD pair was trading quite actively on the 30-minute timeframe on Friday, and secondly, it was doing so in quite a clear manner. Several signals that were very accurate were suddenly generated which did not even require a specific interpretation, as they were unambiguous. But at the same time, several situations emerged that require detailed analysis. So, let's begin. The first signal of the day was formed at night: the price settled below the 1.3773 level. This signal had to be passed. Further, the quotes of the pair dropped to the next extreme level of 1.3724 and bounced off it, forming a buy signal. Take note that an hour earlier the pair managed to leave the rising channel, and therefore, by that time the trend had changed to a downward trend. However, we trade in both directions from all extremum levels, so it was necessary to open long positions. Within a few hours, the price rose to the 1.3773 level and settled higher on the same bar. Thus, long positions could not even be closed, but you can continue to hold them with 1.3838 as the target or until Take Profit has been triggered, which we usually recommend placing at a distance of 40-50 pounds per pound. However, in the end, the quote reached the target level, which could bring a maximum of 98 points to novice traders. The minimum is 40-50, depending on who placed Take Profit and at how much. Formally, another sell signal was even formed, as there was again a clear rebound from the 1.3838 level. However, this signal was formed almost at the end of the market on Friday.
First of all, the GBP/USD pair was trading quite actively on the 30-minute timeframe on Friday, and secondly, it was doing so in quite a clear manner. Several signals that were very accurate were suddenly generated which did not even require a specific interpretation, as they were unambiguous. But at the same time, several situations emerged that require detailed analysis. So, let's begin. The first signal of the day was formed at night: the price settled below the 1.3773 level. This signal had to be passed. Further, the quotes of the pair dropped to the next extreme level of 1.3724 and bounced off it, forming a buy signal. Take note that an hour earlier the pair managed to leave the rising channel, and therefore, by that time the trend had changed to a downward trend. However, we trade in both directions from all extremum levels, so it was necessary to open long positions. Within a few hours, the price rose to the 1.3773 level and settled higher on the same bar. Thus, long positions could not even be closed, but you can continue to hold them with 1.3838 as the target or until Take Profit has been triggered, which we usually recommend placing at a distance of 40-50 pounds per pound. However, in the end, the quote reached the target level, which could bring a maximum of 98 points to novice traders. The minimum is 40-50, depending on who placed Take Profit and at how much. Formally, another sell signal was even formed, as there was again a clear rebound from the 1.3838 level. However, this signal was formed almost at the end of the market on Friday.
How to trade on Monday:
On Monday, we recommend trading again in accordance with the existing upward trend on the 30-minute timeframe, which continues to be supported by the rising channel. Thus, it will be necessary to wait for new buy signals in the form of upward reversals of the MACD indicator. The MACD indicator will initially need to be discharged to the zero level, as it is very high at the moment. No important and interesting events scheduled for April 19 both in Britain and America, so volatility may decrease and nothing will prevent novice traders from trading on technical signals. The most interesting thing is that a sell signal has already been formed even before trading begins on Monday - a rebound from 1.3838. But for obvious reasons, we do not recommend working it out. The important levels on the 5 minute timeframe are 1.3811, 1.3837, 1.3865 and 1.3913. The price can bounce off them or overcome them. As before, Take Profit is set at a distance of 40-50 points on a 30-minute timeframe, while the target on the 5-minute timeframe is the nearest level. If the nearest level is too far away, then you are advised to 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.
