Learn How To Trade – Forex Update: GBPUSD Trading in the Rising Channel

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But the green zone will be really the area that we want to focus our attention on, going long in the direction of the trend. Just think if you did that down here, where this green circle is, where it settled out into the bottom of the channel and into the yellow zone. You were quite happy with the profit from the yellow zone all the way up into the purple zone. So, I’m not saying it’s going to do that. What I’m saying is a similar situation. Yellow zone four days found support. Began the rise. So, a couple of days now finding support on top of 1.2950. We may look for that new rise.

So, a dip into the green zone improves our risk-reward. I have a pending order sitting closer towards the 1.2945-level. That way, if it dips down in there, I’ll have an opportunity to get in. I want to get in as low as possible to minimize my risk and maximize my potential gain back to the purple or the orange zone, top of the channel here for the GBPUSD.

Take it down to the four-hour timeframe. A couple of other things that we want to mention here on the four-hour timeframe. Again, there’s that green circle, where it found support at the yellow zone. We haven’t quite touched down into the green zone, so that’s why I have my pending order just a touch into the green zone, just to give it a little bit more room to go down into there, just like it did down here at the yellow zone and the green circle.

One other thing I want to do is take Fibonacci from the bottom of the channel. I just want to go down here from the bottom of the channel. Not all the way to the bottom of the chart. Just the bottom of the channel to the top of the channel, and we could find the .382 Fibonacci retracement level living at 1.2935. So, that’s very interesting if you’re looking for another confirmation of support there. That gives you a little bit of a bonus there. 1.2935 Fibonacci. .382 Fibonacci retracement level. So, my entry just sits right above there. I think actually it might be at 1.2940. 1.2945 is inside the green-shaded area.

One last thing. Forex Black Book is green. We have a couple of yellow buy signals. No green buy signals. Yellow buy signals, so a dip back down, support and another rally will give us an opportunity to trade in the direction of the channel, the trend, and the Forex Black Book for the GBPUSD today.

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