Market trend analysis for 1st of June (updated) ~ forex trading and taxes
Hi, everyone. I did not write a post yesterday. There was a lot I had to do and did not manage to do everything on time. But I will do some market trend analysis today. Firstly, I will drop a few notes about silver and then move on to currencies.
Silver down trend continues
If you still remember my post a few days ago, I said that I did not expect the market to bottom in silver yet. As far as I see looking at the technical picture in the charts, silver still has to go down. I expect it will bottom pretty soon, but we have to be patient and not to start trading from the long side yet (if we talk about day trading. If we talk about investing these levels are good to go long). So, if you look at 1 hour chart you will see how the commodity made a reversal pattern (double 123 pattern) and collapsed. A good point of entry could have been below 34.40 level, where the pair lingered at previous resistance (which was now support). Exit level is previous support, which has already been reached.
Pound tries to keep bullish tone
British pound tries to keep bullish tone, but is not very good at it. gbp/usd is trapped between 1.6120 and 1.5970 levels. Since it is more bullish than bearish (because the pair is not able to make new lows and the highs are under attack) one possibility to trade it is to buy at previous support levels. You can watch those 123 patterns on 15 and 5 minute charts in the pair. Today you had two opportunities to go long in the pair. One was around 3 GMT (123 pattern is seen on 5 minute chart) and the other at 14:15 GMT (123 pattern is seen on 15 minute chart). Going long at the break of point number two was the best choice for trading the pair.
GBP/JPY has been a good candidate for long trend trades yesterday and today
Gbp/jpy pair was even better for long trades. It had one long opportunity yesterday and one today (according to how I see things on the chart). Both were during American sessions and 123 patterns are seen on 1 hour chart, 15 minute chart and also 5 minute chart. In the same fashion as with gbp/usd we had to go long at the break of point number 2. Exit levels are as always at previous resistance.
Hope the market trend analysis was useful. See you tomorrow.
Check my previous posts:
Follow the leader
123 pattern
Disclaimer
Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.
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