GBP/USD – 4 hour and daily analysis – Tuesday, February 28, 2012

by jennifer on February 28, 2012

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Good afternoon!

GBP/USD  -  Lots of activity today. Economic reports scrambling things up a bit. I was in a sell this morning, which once in my direction stopped me out at break even. I am ever ready with a plan. You know me… 4 Hour and daily charts!

4Hour:

1. Price is breaking out of this range, just now going over the recent highs.
2. MACD had returned to the 0-line, and may be loaded for another run upward.
3. Not a whole lot of room to the RSI 70 on this chart, however, until it turns down at 70 — It’s bullish for me.

DAILY:

1. I highlighted several times price reacted at this level as a sup/res level. It may be a barrier that is difficult to get over. At the same time, if price breaks through it I would expect some momentum to the at least the level of the upper bands.
2. RSI also is at a recent high. Breaking through this level may be difficult, but it would be worthwhile to be in a long position if it does.

PLAN:
1. I am ready with a buy position now, but will be quick to close it if price and indicators fail at this current support/resistance area.

2. Conversely, if price falls back into the blue shaded box on the 4Hour chart, I will watch for the histogram to trigger my next sell back toward the Combo Lines.

Have a wonderful evening!

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  • http://twitter.com/LaForestWine Kip Patridge

    I would like to know more about your 4-hour candle mindset. Also, any crosses that you also like concerning the GBP.

  • Anonymous

    Hi Kip. Thanks for your interest. I take all my trades from the 4-hour charts, because I am into the slow calm thoughtful entries. I found that sticking to the 4-hour and daily charts only has greatly improved my trade and reduced the stress in my life. I do have an online course you can check out if you want to know more about how I do it: http://unbouncepages.com/jennifer-signup/. I post some of my ideas online here at piptoring.com, almost every day, so you can browse through them if you like. I hope you have a wonderful day.

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