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Forex Traiding

Simple guidelines for entering and exiting the market for novice traders. (analysis of forex transactions). GBPUSD currency pair



DATE OF PUBLICATION: 2020-12-28 07:21:51 Deal breakdown News about the UK’s trade agreement with the European Union helped make money on Thursday. In the middle of the day, a signal to buy the pound at 1.3565 was formed, where I advised to enter the market. And although the target level was not reached, the growth was more than 50 points. The correctness of purchases was also indicated by the MACD indicator, since when a signal to enter the market was formed, it only slightly got beyond the zero mark, which indicated the beginning of a trend formation. and how to proceed further, amid strict quarantine measures in the UK, is not yet entirely clear. It is not clear how the Bank of England will act next year, so these factors are an obstacle to further growth of the pound. It is possible that by the end of this year we will see a downward correction in the pair, so I recommend betting on the decline of the pound in the near future. The conclusion of the agreement with the EU does not yet mean that it will be ratified in the EU and UK parliament, which is now on Christmas holidays. However, there is still time for this, so it is unlikely that the agreement will not be approved. Buy Signal You can buy the pound today when it reaches the entry point in the 1.3577 area (green line on the chart) with a target of growth towards 1.3636 (thicker green line on the chart). I recommend exiting purchases around 1.3636. Strengthen the position of the pound can be good news on the approval of the parliaments of the UK and the EU agreement on Brexit. Important! Before buying, make sure that the MACD indicator is above the zero mark and is just starting to grow from it. Selling signal Selling the pound today can only be after the level of 1.3536 (red line on the chart), which will lead to a rapid decline in the pair. The sellers’ key target will be the level 1.3463, where I recommend exiting the sales. Pressure on the pound may return by the end of the year amid lack of positive news and uncertainty among traders on how to proceed. Important! Before selling, make sure that the MACD indicator is below zero and just starting to decline from it. What is on the chart: The thin green line is the entry price at which you can buy the trading instrument. The thick green line is the estimated price where you can place Take profit or fix profits on your own, since further growth is unlikely above this level. The thin red line is the entry price at which you can sell the trading instrument. The thick red line is the estimated price where you can place Take profit or fix profits on your own, since below further decline of this level is unlikely. MACD indicator. When entering the market, it is important to be guided by the overbought and oversold zones. Novice forex traders need to be very careful when making decisions about entering the market. Before the release of important fundamental reports, it is best to stay out of the market to avoid being caught in sharp fluctuations in the rate. If you decide to trade during the news release, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management, but trade large volumes. And remember that for successful trading you need to have a clear trading plan, like the one I presented above. Spontaneous trading decisions based on the current market situation is initially a losing strategy for an intraday trader. Material provided by InstaForex – www.instaforex.com Source – InstaForex

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