6m 28s: Lenght

To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=forex_technical_analysis&ad=gGiUz01iR54 Okay, that’s the two trades that I have open. Let’s zip on over here to the Greater British Pound versus the US Dollar [GBPUSD]. Nothing really has changed on this currency pair over the past couple of days, so I assume that the market is gearing up for something here and what we’ve been looking for and talking about in the live Trade Room is a breakout of the yellow-shaded area, where the market has basically been in congestion. It’s been consolidating and getting into congestion and just kind of holding between the 1.2430 and 1.2385-level, so we’ve got to wait for a breakout. That’s really all there is to it. We have to see a real breakout. Now, this was not a breakout. It came back in. Yesterday we saw it push underneath 1.2385. That was not a breakout. Came back in. We even saw yesterday a push above the yellow zone on this candle. Was once again a big blue candle and came back into the yellow zone. So, what we need to look for here is a real deal, not a false breakout outside of this yellow-shaded area. So, how do we define that? Well, for me, personally, and we’d speak about this all the time in the live Trade Room. For me, personally, a real deal breakout outside a period of congestion, below a support, above a resistance is a singular candle body that will open and close above or below that level. So, what I’m looking for a singular candle body that opens and closes above or below that yellow zone to increase my confidence in the continuation. Either continue to go down towards the orange zone into the low-1.2300s or to go up towards the green-shaded area. Of course if you’re going to buy anything, you want to buy it at the lowest price. If you’re going to sell anything, you want to sell it at the highest price. So, once that breakout occurs, a little bit of a pullback will give you a better risk-reward ratio for your trade. Is it out of the question that we see this take another stab at the green-shaded area? We’ve already seen two touches of the green zone, 1.2510, 1.2544. No, I don’t think it’s out of the question, especially if we get some poor unemployment claim data coming up here at 8:30AM Eastern US time, about an hour from now. If it’s poor data, we might see the break of 1.2430 and another challenge of that green zone. A third tap of that green zone if you will. If it’s all good news and we continue to see the dollar surge, which we’ve seen across the board on the USDCHF, the EURUSD, the USDCAD pressuring higher now, the USDJPY clearly has been pressuring higher. All of those pairs have been moving USD positive. So, if this GBPUSD catches up to that, USD positive sends this underneath 1.2385, especially if we’re boosted by unemployment claims and we look for it to go back down towards 1.2320 for the GBPUSD today. https://www.youtube.com/watch?v=gGiUz01iR54 Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.