Szeri and Nos Biggs Trading Daily Review of GBPCAD

Traders make decisions about the time frames they trade. We always make our trading decisions from the monthly time frame. As part of our 8 steps system that foregoes use of Stop Loss we base our trading decisions on directional bias.   We prefer  Price action from lower time frame candle charts. Lets examine  the daily review part of our system. We selected GBPCAD to show our work

After deciding the direction of the price to a 90% certainty over a 1 to three year period  from our monthly chart at the close of December 2017  we now seek Price Action as defined by Steve Nison’s candle patterns. WE are excited as here we have PA from the monthly and that rarely fails us . We get the  2 candle pattern called  Bearish Engulfing. Therefore we know beginning in January we are trading GBPCAD. Because we see bearish monthly PA we will focus our trading short .  So each week in January we complete this analysis. And each day at close we conduct it as well . 

The next chart we examine is the  weekly. We  seek confirmation at least not conflict.. As you see price is in supply now for 7 weeks. With the week’s close less than 24 hours away we are concluding that the Pin rejection is valid and price is  nearly finished its retracing. This decision is one we make but do not recommend you make unless you have years of successful chart pattern reading.  This set of trades is not ideal as the entries of  4 and 5 lots is lower than we would prefer. We now have a full order size.

The next chart is a daily view.    Here   again we are wanting to see PA that is consistent with our view of a decline in price over the next months. We move our target to 400 pips as we are seeking to cash and move on  as while this trade set is solid we would like to exit in front of Davos this week . And as traders know price climbs at a slower pace than it drops in most instances.   So we added the 2 lots to complete of trade set  today near closing.

The next chart is a H4 view.  We get a nice pin rejection from 12 hours earlier so we move our target even closer as we want to move on. 

So our work today for this pair is done .  We have verified that we still like our trade set and moved our targets to a level that could be reached tomorrow.

Now for some fun.

Lets look at the scalping Time Frames H1 M30 M15 and M5

 H1 is set to go ….

M30 is set to go ….

M15 is set to go …

M5 is ready as well….

Our traders have not chosen to scalp this pair so far this month . 

Our traders are ready to scalp if they see a great chance as the daily review is complete. Learn the value of such deep analysis. Take one of our courses and become part of our community.  The time to change direction of your life is today.