empty
17.09.2024 09:16 AM
GBP/USD: Simple Trading Tips for Novice Traders for September 17. Analysis of Yesterday's Forex Trades

Trade Analysis and Tips for Trading the British Pound

The price test at 1.3206 occurred when the MACD indicator began moving upward from the zero mark, confirming a correct entry point into the market. However, the pound did not show any upward movement, continuing to trade around the 1.3206 level for the rest of the day. US data limited the pair's upward potential but didn't significantly harm it. Today, there is again no data from the UK, so buyers will have a chance to continue the upward trend observed since the end of last week. As for the intraday strategy, I will rely more on the implementation of scenarios No. 1 and 2.

This image is no longer relevant

Buy Signal

Scenario No 1: Today, I plan to buy the pound upon reaching the entry point around 1.3212 (green line on the chart) with a target of rising to the level of 1.3242 (the thicker green line on the chart). Around the 1.3242 level, I plan to exit long positions and open short positions in the opposite direction (expecting a movement of 30-35 pips in the opposite direction from the entry point). The pound is expected to continue its upward trend, but a strong breakout of the daily high is necessary. Important! Before buying, ensure the MACD indicator is above the zero mark and starting its upward movement.

Scenario No 2: I also plan to buy the pound today if there are two consecutive tests of the 1.3191 price level when the MACD indicator is in the oversold zone. This will limit the pair's downward potential and lead to an upward market reversal. Growth can be expected to the opposite levels of 1.3212 and 1.3242.

Sell Signal

Scenario No 1: Today, I plan to sell the pound after testing the 1.3191 level (red line on the chart), leading to a quick decline in the pair. The key target for sellers will be the 1.3161 level, where I plan to exit short positions and immediately open longs in the opposite direction (expecting a movement of 20-25 pips in the opposite direction from the level). Selling the pound is only advisable after a failed attempt to consolidate around the daily high. Important! Before selling, make sure the MACD indicator is below the zero mark and just beginning its downward movement.

Scenario No 2: I also plan to sell the pound today if there are two consecutive tests of the 1.3212 price level when the MACD indicator is in the overbought zone. This will limit the pair's upward potential and lead to a market reversal downward. A decline can be expected to the opposite levels of 1.3191 and 1.3161.

This image is no longer relevant

What's on the Chart:

Thin green line: the entry price at which you can buy the trading instrument.

Thick green line: the estimated price at which you can set Take Profit or manually secure profits, as further growth above this level is unlikely.

Thin red line: the entry price at which you can sell the trading instrument.

Thick red line: an estimated price at which you can set Take Profit or manually secure profits, as further decline below this level is unlikely.

MACD indicator: when entering the market, it is essential to be guided by overbought and oversold zones.

Important: Novice traders in the forex market must be very cautious when deciding to enter the market. It is best to stay out of the market before important fundamental reports are released to avoid sharp price fluctuations. If you choose to trade during news releases, always set stop orders to minimize losses. Without setting stop orders, you can quickly lose your entire deposit, especially if you don't use money management and trade in large volumes.

Remember, a clear trading plan, like the one I've outlined, is essential for successful trading. Making impulsive decisions based on the current market situation is a losing strategy for novice intraday traders.

Jakub Novak,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

USD/JPY: Simple Trading Tips for Beginner Traders on January 21st (U.S. Session)

The test of the 155.88 price level occurred when the MACD indicator had already moved significantly above the zero line, limiting the pair's upward potential—especially after rising market expectations regarding

Jakub Novak 14:47 2025-01-21 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on January 21st (U.S. Session)

The test of the 1.2239 price level occurred when the MACD indicator had already dropped significantly below the zero line, clearly limiting the pair's downward potential. For this reason

Jakub Novak 14:43 2025-01-21 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on January 21st (U.S. Session)

The test of the 1.0355 price level occurred when the MACD indicator had already dropped significantly below the zero line, which clearly limited the pair's downward potential. For this reason

Jakub Novak 14:39 2025-01-21 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on January 21. Analysis of Yesterday's Forex Trades

The test of the 156.16 price level coincided with the MACD indicator starting its downward movement from the zero mark, confirming a valid entry point for selling

Jakub Novak 08:53 2025-01-21 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on January 21. Analysis of Yesterday's Forex Trades

The test of the 1.2213 price level in the second half of the day coincided with the MACD indicator starting its upward movement from the zero mark. This confirmed

Jakub Novak 08:53 2025-01-21 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on January 21. Analysis of Yesterday's Forex Trades

The test of the 1.0345 price in the second half of the day coincided with when the MACD indicator had just started moving upward from the zero mark, confirming

Jakub Novak 08:53 2025-01-21 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on January 20th (U.S. Session)

The 156.03 price test occurred when the MACD indicator was just beginning to move above the zero mark, confirming a valid entry point for buying the dollar as part

Jakub Novak 14:25 2025-01-20 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on January 20th (U.S. Session)

The 1.2195 price test in the first half of the day occurred when the MACD indicator had already moved significantly below the zero mark, which, in my opinion, limited

Jakub Novak 14:22 2025-01-20 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on January 20th (U.S. Session)

The 1.0309 price test occurred when the MACD indicator had already risen significantly above the zero mark, clearly limiting the pair's upward potential. For this reason, I refrained from buying

Jakub Novak 14:19 2025-01-20 UTC+2

USD/JPY: Analysis and Forecast

The Japanese yen shows slight declines in intraday trading against the US dollar. However, the USD/JPY pair lacks clear upward momentum and has been unable to build on Friday's rebound

Irina Yanina 13:20 2025-01-20 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.