Confessions of a Forex Trader

The EURGBP was rejected from an important LT resistance level around 0.8915, and it is likely to continue its way down until it reaches the next LT support level around 0.8651. It is currently trading at 0.8793 so we still have some room left to get a good risk reward ratio:

I’d like to see a retracement to the top of the range, if I see significant downward pressure around that level, I’ll go short.

I’ll stop looking for short opportunities if the EURGBP breaks 0.8837 for the upside.

Trade Safe!

Raul Lopez
Forex Training

The EURGBP is trading in a clear bearish market condition, its been like this since last Friday. I’m currently looking for short opportunities around the ST resistance level:

If the EURGBP forms a significant pattern with downward pressure around the top of the range I’ll definitely go short.

Trade Safe!

Raul Lopez
Forex Training

The EURGBP is trading in a bullish market condition, it is clear that the EURGBP broke through an important LT resistance level and it is likely to continue its way up until it reaches the next LT resistance level:

As long as it trades above 0.8664 I’ll be looking for long opportunities.

Trade Safe!

Raul Lopez
Forex Training

The EURGBP is trading near a LT level in a short term range, as you already know, LT levels are zones instead of “levels”, that zone can easily be determined in the short term charts, in this case, the zone is from 0.8570 to 0.8633:

I’m waiting for the market to break the ST range, then I’ll start looking for trade opportunities in the direction of the breakout.

Trade Safe!

Raul Lopez
Forex Training

The EURGBP is still trading in a bullish market condition, earlier this week it broke through an important ST resistance level triggering its condition:

The next LT resistance level is at 0.8638 (it is currently trading at 0.8550).

Trade Safe!

Raul Lopez
Forex Training

Yesterday the EURGBP was trading in a short term range around an important LT level, but earlier today it broke the upper extreme of the range triggering a bullish market condition:

As long as the EURGBP keeps trading above 0.8441 I’ll be looking for long opportunities.

The next LT resistance level is at 0.8638

Trade Safe!

Raul Lopez
Forex Courses

The EURGBP is trading in a short term range 0.8441 – 0.8357 around a LT important level. Since the range is well defined (clear S&R levels) we are allowed to trade it, the strategy is simple: once the market gets to the top, look for short opportunities and once it reaches the bottom of the range, look for long opportunities (price action patterns):

Take in consideration that if the EURGBP breaks the range, it will trigger a trading condition in the direction of the breakout, and only trade opportunities in that direction will be valid.

Trade Safe!

Raul Lopez
Forex Courses

The EURGBP has been trading smoothly between LT support and resistance levels. I like it when it behaves like that, it goes from one important level to the other giving us opportunities to trade and increase our position size when it moves in our favor.

Right now it is trading at an important level and I’m waiting for a breakout before looking for any opportunity:

I’ll look for opportunities in the direction of the eventual breakout.

Trade Safe!

Raul Lopez
Forex Training

The EURGBP is trading in a very clear bullish market condition. This is the type of market conditions that I like to trade: clear support & resistance levels plus clear rejection from those levels. It is clear that the EURGBP got rejected from the main support level around 0.8334:

The market is likely to continue its way up until it reaches 0.8588 (the next LT resistance level). Only long opportunities are in play.

Trade Safe!

Raul Lopez
Forex Courses

The EURGBP is trading in a very strong bullish market condition. What is interesting about this cross is that the next LT resistance level is around 0.8919, and it is currently trading at 0.8611, you know that 300 pips in the EURGBP are a lot of pips, most of the time the SL used in this cross are pretty tight:

As long as the EURGBP trades above 0.8588 I will be looking for long opportunities.

Trade Safe!

Raul Lopez
Forex Training

The EURGBP is trading in a short term range around a LT important level, I’m currently waiting for the market to break either side of the range and I’ll start looking for trade opportunities in the direction of the breakout:

Important levels:

Next LT support level: 0.8378
Next LT resistance level: 0.8716

Trade Safe!

Raul Lopez
Price Action