15.11.202415:41 Forex Analysis & Reviews: GBP/USD: Simple Trading Tips for Beginner Traders on November 15th (U.S. Session)

Trade Analysis and Tips for Trading the British Pound

The test of the price at 1.2683 coincided with the MACD indicator just beginning to rise from the zero line, confirming the ideal entry point for buying the pound. However, as shown on the chart, no upward movement occurred. As a result, the trade resulted in losses. In the second half of the day, key data on US retail sales and industrial production will be released. Strong data would help the dollar make another attempt to rise, but if it is ignored again, buying the pound may be a good option, anticipating an upward correction. Speeches by FOMC members John Williams and Susan M. Collins will also be in focus. Regarding the intraday strategy, I will rely more on Scenario 1 and Scenario 2.

Buy Signal

Scenario #1: I plan to buy the pound today when the price reaches around 1.2690 (green line on the chart), targeting a rise toward 1.2734 (thicker green line on the chart). At 1.2734, I plan to exit the position and sell the pound in the opposite direction, targeting a move of 30-35 points from the entry level. A significant rise in the pound today is likely following weak US data. Important: Before buying, confirm that the MACD indicator is above the zero line and just beginning to rise.

Scenario #2: I also plan to buy the pound today if the price tests 1.2667 twice, when the MACD indicator is in the oversold zone. This will limit the pair's downward potential and lead to an upward market reversal. We can expect a rise toward the levels of 1.2690 and 1.2734.

Sell Signal

Scenario #1: I plan to sell the pound today after it reaches the 1.2667 level (red line on the chart), which will likely lead to a rapid decline in the pair. The key target for sellers will be the 1.2629 level, where I will exit the short position and immediately open long positions, targeting a move of 20-25 points in the opposite direction. Sellers will dominate if the data supports the dollar's strength. Important: Before selling, ensure that the MACD indicator is below the zero line and just starting to decline.

Scenario #2: I also plan to sell the pound today if the price tests 1.2690 twice when the MACD indicator is in the overbought zone. This will limit the pair's upward potential and lead to a downward market reversal. We can expect a decline toward the levels of 1.2667 and 1.2629.

What's on the Chart:

• Thin Green Line: The entry price for buying the trading instrument.
• Thicker Green Line: The expected price where you can set Take Profit or fix profits, as further growth above this level is unlikely.
• Thin Red Line: The entry price for selling the trading instrument.
• Thicker Red Line: The expected price where you can set Take Profit or fix profits, as further decline below this level is unlikely.
• MACD Indicator: When entering the market, it is important to follow the overbought and oversold zones.

Important Notes:

Beginner traders in the forex market should make entry decisions very carefully. Before important economic reports are released, it is best to stay out of the market to avoid sudden currency fluctuations. If you decide to trade during news releases, always set stop-loss orders to minimize potential losses. Without setting stop-loss orders, you can quickly lose your entire deposit, especially if you are not using proper money management and are trading with large volumes.

Remember that for successful trading, you need a clear trading plan, similar to the one provided above. Making spontaneous trading decisions based on current market conditions is inherently a losing strategy for intraday traders.