GBPUSD Outlook: 01 Aug 2016 - 05 Aug 2016

Recap for the week 25-29th Jul

The beginning of the week saw limited scalps of 80-90 pips. The trend was bearish but was unable to hit a lower low. Huge support at 1.30488. Mid week was more of the weakness of the dollar than the strength of the pound. This pair managed to hit a higher high though but still with a huge resistance at 1.33.

GBPUSD Outlook: 01 Aug 2016 - 05 Aug 2016

High Impact (in red) expected on the following days (GMT +8)

Mon - (Aussie market is closed) 9.15am, 4.30pm, 10pm

Tue - 4.30pm, 8.30pm
Wed - 4.30pm, 8.15pm, 10pm
Thu - 7pm, 7.30am, 8.30pm, 10pm
Fri - 3.30pm, 8.30pm

Fib levels
100 - 1.35317
61.8 - 1.32504
50 - 1.31633
38.2 - 1.30761
23.6 - 1.29686
0.0 - 1.27933

Weekly
H - 1.33004
L - 1.30565
O - 1.31425
C - 1.32223

Friday
H - 1.33004
L - 1.31473
O - 1.31616
C - 1.32223

Expect a bouncy scalped week between 1.32504 and 1.31633. If breaks, 1.31173.

Upside, resistance is at 1.33 if breaks; 1.33137, 1.33460, 1.3410.

Downside, any breaks below 1.31172 will see us back to the price level  of 1.30762.

GBPUSD Outlook : 25 - 29 Jul 2016

High Impact (in red) expected on the following days (GMT +8)
Tue - 10pm
Wed - 4.30pm, 8.30pm, 10pm, 10.30pm
Thu - 2.30am, 8.30pm
Fri - 4.30pm, 8.30pm, 9.45pm, 10pm

Fib levels
100 - 1.27943
61.8 - 1.30561
50 - 1.31375
38.2 - 1.32173
23.6 - 1.33179
0.0 - 1.34791

Weekly
H - 1.33144
L - 1.30643
O - 1.31947
C - 1.31087

Friday
H - 1.32316
L - 1.30782
O - 1.32316
C - 1.31087

Pair has a bearish outlook for the start of the week. Expect a dip to1.30725 and support at 1.30561 for price action. If support is broken, 1.30124, 1.29830, 1.29562, 1.29293, 1.29158, 1.28804.

Resistance levels - 1.31375, 1.31712, 1.32176, 1.32548, 1.32958, 1.33179.

ThePipsMaker Trading Checklist

Step 1
Go to Forex Factory to check the important data release time.

Step 2
Record the previous day (HLC) & today's Open for all the 4 major currencies.


Step 3 - On the Weekly & Daily Chart

• Identify all S&Rs.
• Draw trendlines.
• Identify candlestick signal.
• Determine whether overall is a BUY or SELL week.

BUY WEEK

• take few lots profits and adjust the price of balance lots to ENTRY price when doing Intra-day
• hold a longer period and use Fibb to maximize profit (intra-day or scalping)

SELL WEEK

• try to take profits when hit MINIMUM target (both intra-day and scalping).
• try not to hold for long period (both intra-day and scalping).

If it's a sell week, same situation with buy week in opposite way.

Step 4 - On the Hourly Chart

• Identify all S&R.
• Draw trendlines.
• Identify candlestick signal
• Determine whether its an intra-day or scalping opportunity (refer to Step 3).

Do not get AFFECTED by the Previous Trade(good or bad).

MUST accept uncertainty in the market.

DO NOT be afraid of being Stopped Out (EXTREMELY IMPORTANT)!

Every trade is a NEW trade.