GBP/USD Nearing Interesting Price

GBP/USD nearing an interesting price. If it were to break lower, it could move quite a way, until it finds the next major support.

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GBP/USD Scalping using High Volume Nodes

When price is moving it is looking for liquidity, i.e. new buyers or sellers. In this case, GBP/USD has been moving lower all day after UK retail sales figures, and on back of strengthening USD. The price is moving lower to find more buyers - this is most likely in areas of previous high volume (High Volume Nodes on the profile). I made small 10 pip scalp trade on just such an area.

Low Volume Nodes can also be a good place to enter, since it shows that price was previously rejected there.

More information on the Composite Profile that I used in this trade can be found here.

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GBP/USD HVN and "Big Round Number" Scalp

Really liking this system, needs some more work, but so far getting a good win rate. Was a bit early on entry with this one, and it was moving very slow, I exited too early. If I'd left it, would have gone for 50 pips - ain't that always the way!

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GBP/USD Volume Profile and "Big Round Numbers"

Using the Composite/Volume Profile on GBP/USD. High Volume Nodes (HVNs) and Low Volume Nodes (LVNs) and "big round numbers" (e.g. 1.2400, 1.2600, etc.) acting as good trading levels.

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High Volume Nodes (HVN's) act as price magnets

High Volume Nodes (HVN's) are areas where lots of trading has taken place, price will often continue to trade in a choppy fashion around these areas. Previous areas of high volume can act as price "magnets" when the price revisits the level after some time.

In the following chart I have created a volume profile of last 10 weeks. Today's increase inflation data from UK has sent GBP/USD higher, and it reached out to this prominent HVN. It also broke through an LVN, which might provide support in the future (i.e. the rule "prior resistance becomes support").

However, BREXIT and "Article 50" is going to be big issue next week (UK triggering formal leaving EU process on 29th March), so I expect a lot of volatility over the next few days.

More information on the Composite Profile indicator can be found here.

Took a couple of nice trades on the GBP/USD today using this HVN, and the LVN above it.

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Low Volume Nodes (LVNs) for Support / Resistance

Low Volume Nodes (LVN's) are areas where little trading has taken place, usually where price was rejected, or price moved through the area quickly. These can often provide a good objective source of support/resistance levels.

In the following chart of GBP/USD (H1) I've created a 20-day price profile using the Composite Profile indicator, and it's automatically showing LVNs, many of which have been good support/resistance levels.

GBP/USD is currently at an LVN now, that I expect to provide some resistance, and I've already taken 3 scalp trades in this area, for a total of 15 pips so far.

More information on the Composite Profile indicator can be found here.

And some time later, my last trade bags a nice return.

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GBP / USD New Signal

Open in:

22August , 09:05:44 GMT

Sell

GBP / USD 

@ 1.3107

TP :  1.2864
SL :  1.3664

Status Active .......

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