GBPUSD trading opportunities.

In the past few weeks, we have discussed the mastercharts for major pairs. Beginning from this week we shall begin to examine the interpretation of some of these charts beginning with GBPUSD which is the major pair I trade regularly.

As I have mentioned in some of my previous posts, if you want to be a successful trader, it is always advisable to concentrate on one or two pairs first. Trading this way, you will develop the ability to understand the key support/resitance areas, trend and price action for the pairs. By the time you understand a pair, it is alway easier to make profit consistently from your trades. In fact, you do not need to trade more two or three pairs to be a successful trader. Timing is very critical in this endeavour and the important ones are:


TIME TO WAIT
TIME TO BUY
TIME TO SELL
TIME TO TAKE PROFIF




GBPUSD closed around 1.61900 last week. Both the daily and H4 charts closed below the long-term bullish trendline from April 2010. The weekly needs to close below this trendline and 1.60000 to finally confirm that the bear has taken over.

Short Term Trades

Here are the targets for short trades:

1st support - 1.61000
2nd support - 1.60000
3rd support - 1.59350
4th supprt - 1.58000
5th support - 1.55000
6th support - 1.53000


Here are the targets for long trades:

1st resistance - 1.63000
2nd Resistance - 1.64000
3rd Resistance - 1.65500
4th Resistance - 1.67500
5th Reistance - 1.70000

The most important support/resistance levels for this week is the first and second resistance/support levels.

From where the price open this week, we have roughly 200 pips either way for this week. You will still need H4 to confirm immediate support/resistance and M15 for the best entry point. Please include RSI 14 days period with horizontal line at 50 point marks in your chart to confirm this support and resistance level on any time zone.

Long Term Trades

Here are the available targets for short trades:

1st support - 1.60000
2nd support - 1.53000


Here are the targets for long trades:

1st resistance - 1.63000
2nd Reistance - 1.70000

For long-term trades if weekly fails to break 1.60000, then a long will be a good trade and if the weekly fails to break 1.70000, a short will be a good trade. Both trades should be good for between 300-500 pips and will require between 3-5 weeks for it to play out.

I attach the weekly, daily and H4 charts in support of the above analysis.

Mastercharts - USDCHF

This is another pair I don't trade regularly. However, I did technical analysis on the pair for a reader on this forum. After the analysis, I decided to prepare a mastercharts for for the benefit of benefit of those who might be interested in this currency pair.

The major support/resistance areas for USDCHF are indictated on the yellow lines and the blue/red lines are the minor areas. They are located roughly 1000 pips apart.

As usual the monthly week, and daily charts are attached.

By the way, did you see the fall on the major pairs over the last few days? GBPUSD fell by about 400 pips from the highest point so far this weej. Check the mastercharts for these pairs in the previous post and you will see how a break of the major support/resistance precipates a rush to the next level.

Enjoy your trades.

Mastercharts - GBPCHF

This is another pair I don't trade regularly. However, I did technical analysis on the pair for a reader on this forum. After the analysis, I decided to prepare a mastercharts for for the benefit of benefit of those who might be interested in this currency pair.

The major support/resistance areas for GBPCHF are indictated on the yellow lines and the blue/red lines are the minor areas.

As usual the monthly week, and daily charts are attached.


My intention is to post Mastercharts for about a dozen pairs after which I will explain how to:

a) Update the charts
b) Use the charts for long-term trading
c) Use the charts for short-term trading
d) How to use the chart for day-trading

Mastercharts - AUDJPY

This is a pair I don't trade regularly except there is an irresistible opportunity. I however post it for the benefit of traders trading this pair.

The major support/resistance areas for AUDJPY are indictated on the yellow lines and the blue/red lines are the minor areas. The distance between each area are roughly 1000 pips each.

As usual the monthly week, and daily charts are attached.

mastercharts - USDCAD

Let me continue my series of mastercharts for some of the major pairs with USDCAD.

The major support/resistance areas for USDCAD are situated on the yellow lines and the blue/red lines are the minor areas. The distance between each area are roughly 1000 pips each.

As usual the monthly week, and daily charts are attached.

GBPJPY:

I am the view that trading should be based on sound strategy. The dragons major moves are around 1000 pips broken down into 500 pips. If you want to trade the dragon successfully, trade every 500 pips break to the upside or downside.



The yellow and aqua horizontal lines show the full circle of about 1000 pips, depending on where a move begins from. There is however a break of 500 pips between each circle.



The down move from 140 to 130 completed a circle, a new circle began from 130 and reversed at 135. It touched 130 and on its way back to 135. If the weekly fails to close above 135, then 135 to 125 will constitute new circle. You can see circle clearly on the weekly charts.



Price is currently trapped between 130-135. However, the monthly has actually indicated 135 as resistance and if the support at 130 area is successful broken 125 will complete the next circle.





Check the Mastercharts for the GBPJPY in my previous articles in the monthly, weekly and daily timeframes.

Mastercharts - EURUSD - Monthly and weekly charts

Mastercharts - EURUSD

The major support/resistance areas for EURUSD are situated on the yellow lines and the blue/red lines are the minor areas. Here are the levels.


1.60500
1.52000
1.41000
1.16600
1.07100
0.83300

Mastercharts - GBPUSD

The major support/resistanc areas for GBPUSD are situated around every 1000 PIPS. Here are the levels.


1.93000
1.83000
1.73000
1.63000
1.53000
1.43000

1.60000 is a major psychological level, the gateway to the top and bottom for both bear and bull. The monthly, weekly and daily charts are attached