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From Forex Traders Daily, this is your daily analysis with Ross Mullins, live from Richmond, Virginia.
Hello everyone, this is today’s video analysis for January 30, 2015. In a moment, I’ll be taking a look at the Greater British Pound versus the US Dollar [GBPUSD], but first I want to take a look at this USDJPY and some of the trades that have been happening over the past few days.
If you take a look down here in the terminal at the bottom of the chart, showing our account history, at least on this demo platform that we’ve been studying the trades on, you could see three trades. The one down here at the bottom taken at 117.50 as a buy. You could see one right here taken at 117.49, a little bit lower, and then one here at 117.65. We’ve had several opportunities and some people getting in a little bit lower. Some people getting in a little bit higher, but several opportunities basically to buy down here into this orange-shaded area and the supports that we’ve seen here.
Basically, here, here, and here. Let me put a couple of arrows there. We’ve seen opportunities to buy here and back here, and then, just yesterday, again we saw it here. So, there’s the three opportunities and the three trades that we took over the past few days. You could see all of them closing out profitable. This one actually saw a pretty decent amount of profit from 117.50, locked break even. Closed some profit as it approached the purple-shaded area, and that was this first trade here. Closed some profit as it approached a purple-shaded area.
You could see having about 75, 80, 85 pips on the trade, and then it came down. Took the trade out. Getting in again on the next time, we, again, see locking in from 117.50 on the second attempt here. Getting in. Locking in. Having about 50 to 60 pips. Coming back down. Taking us back out. This attempt here, 117.65. That’s the third attempt to get in, seeing about 75 to 80 pips of profit again on that trade. And once again, coming back down. Locked in a little bit better than break even on that one and came back down. Took that trade out.
But all three of those trades seeing 60, 70, 80 pips of profit, giving you the opportunity to close a little profit, protect the trade in case it was the time for the breakout, and then you look to follow it further, but they all three saw opportunities for profit this week. So, that’s really the key point to all of this; is that there’s been three opportunities that we’ve taken. Now, once again, there is another opportunity today into the orange zone. We’re back down into there again. I would be cautious because the more times it hits there, the more likely it is to break through there.
It doesn’t mean you can’t do it. You can take another buy here today, looking for the return back higher again to the purple zone. Eventually we’ll look for a breakout. Just be cautious. If it breaks under that orange zone, we could see a fall even all the way back down towards 116, the blue-shaded area at the bottom of the chart.
That’s very important information. A breakout here, we look for it to go lower. If it breaks out above the purple zone, of course we’ll look for it to go higher. We do also have USGDP coming out today, so that could be the catalyst that breaks it out of this range. But I just wanted you to see the opportunities that you’ve had here just on the USDJPY this week. And then of course, on the USDCAD, the buys. We’ll talk about those later in the Trade Room.
Today I want to talk about the Greater British Pound versus the US Dollar [GBPUSD]. You could see right here I’m actually in a sell. We actually set this pending trade yesterday as a sell at 1.5080 yesterday during the Trade Room, and currently the market is down towards 1.5061, so we’re sitting 18, 19 pips of profit right now on that trade that was posted during the Trade Room yesterday. So, if you were looking for that, and this actually is a trade that I got. We put that pending trade there and it didn’t even actually take me into the trade until several hours after the Trade Room. So, for those of you that wonder if it’s okay if you don’t make the live Trade Room, is it okay if you just watch the recordings? Yeah, that was several hours after the Trade Room that it got activated, so not a problem.
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