Online Real Time GBP to USD Currency Trading

In this video, I’m looking at the British pound on the 4-hour chart against the US dollar. You can see that we ended up forming a shooting star right at the gap from the beginning of the week, and that of course shows a significant amount of resistance. I’m going to go ahead and short this market, and put a stop loss just above the top of the shooting star on the 4-hour chart and the 1.3550 level. I’m going to aim for the 1.3150 level for the target. The 1.36 level is where the gap started, so instead of putting a stop loss there, I am being a little bit more aggressive.

The trade actually went quite a bit in my favor for some time, but on the 30-minute chart you can see we have bounced drastically. Because of this, I feel that it’s probably time to place a stop loss with a little bit of profit lock then, as it seems like the volatility is going to continue to be very strong. I’m putting my stop loss at the 1.3355 level, as it is above the recent high formed on the short-term charts and of course the 61.8 Fibonacci retracement level. At this point in time, I feel it’s better to take a small profit than let this market turn back around on me. Typically, I have found that the 61.8% Fibonacci retracement level been broken to the upside this shows that we’re going to do a complete retracement. Because of this, I allow that area to act as a last barrier and go to bed

When I will wake up, I have a couple of supportive looking candles on the 4-hour chart, and with it being night Friday, I feel it’s probably best not to live any news flow over the weekend disrupt this market. With that in mind I feel it’s probably best to take profits at this point in time, with a small gain. With the choppy conditions in the uncertainty from the UK referendum vote, it’s probably best just take my profit and move along.