TRADE UPDATE COVER

The GBPUSD 4 hour head and shoulders pattern mentioned in my most recent post has been validated in London with a new 4 hour lower low; this initiates bearish momentum that could continue to the neckline of this head and shoulders pattern and beyond.

head and shoulders update

Look for pullbacks to resistance at previously help support levels to enter this move.

Below is the GBPUSD moving from WR1 down to WM3 in London tonight in the 1 hour view.

Conservative Scaling Entrance 

For educational purposes I will explain my scale in method:

For this trade I have conservatively scaled in with multiple small positions. This method is effective because it gives added control over cumulative position size. You can continue to sell into the trend when the trend continues to prove itself. This way you don’t have one large initial position in an unproven move.

To WM3

The image below shows the new 4 hour low formed in London before the news today…

 

Fib Update

This is after Non-Farm …

After News

Kind Regards,

Tyler Lund

U.S. Dollar Analyst, FOREX.TODAY

4 thoughts on “GBPUSD NEW YORK OUTLOOK APRIL 1ST”

  1. Dimitar Ivanov says:

    Thanks for sharing Tyler, that’s a really valuable lesson for me.

  2. Tyler Lund says:

    Yes, the conservative scaling is powerful

  3. Nuno Lampreia – Forex.Today says:

    Cheers Tyler that is one good trade 🙂

  4. Tyler Lund says:

    Thanks Nuno

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