Weekly Trading Result

Expectation for GBPUSD pair is going good. The weekly target got hit, resulting in +180 pips for a bullish trade. Last week, I set the trade for GBPUSD and you can read about this here. Well, it depends on how trader scale their trade. I play it small because this is the first time I set the trade based on support and resistant strategy.

It make forex trading so simple and fun. You can just set and forget. However, analysis will take a while before you can come out with a trade idea. As for me, I play it on weekly basis because I don't have enough time to watch the market everyday. I have a job so I trade forex as my hobby, more or less as a part time.

I will post another trade idea for next week tomorrow. The strategy will be based on support and resistant. This time, I'll expecting something less than 100 pips.

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What About Resistant And Support?

Resistant and support are two significant element in forex analysis. Ability to determine support and resistant line is crucial to become a successful trader. So, I will take this two elements into consideration. One thing to understand, when support is broken, it will turn into a new resistant, and so when resistant is broken, it will turn into a new support.

Well, let's take this idea into practice. Take a look at the chart below. It's GBPUSD H4 chart. Based on my technical analysis, this pair will move up to test a broken support which turn into resistant at 1.5836 level. So, I set a pending order to buy this pair at 1.5595 support line. This is my trade idea for next week which taken resistant and support into consideration.

Stay tune for the trade result.

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