Today on GBPUSD – Daily and H4 charts support Short trades, but…

On the Daily chart above, we concluded last week that price seems to be in a major downward or bearish channel, and the current pattern of lower high and lower low on the Daily chart is buttressing that view. We also identified a Daily swing low @ 1.6261 (which we’ve highlighted using the blue broken line) as a critical support level that the bears must contend with; and in accordance with our expectation, the 1.6261 level proved itself – probably even more than we anticipated. Although, last week trading ended with a big rally, and price sort of resumed the upward move earlier today, all factors supporting our bearish bias are still pretty much in place; hence, we would want to consider the current bullish move as a deep bullish retracement. From a day-trade perspective, our bias still tend toward a downward move, however, we might have to exercise patience as the Hourly Short trade setups – supported by the H4 chart – might take some time to unfold. Consequently, from the standpoint of the current method discussed on this blog, we’re probably done with this pair for this month.

On the H4 chart above, last week, price broke, at that time, the most recent swing low @ 1.6496 (which we’ve highlighted using the blue broken line) downward. That automatically shifted our bias in favor of a downward price move. However, as discussed on the Daily chart, we would observe price is currently rallying, but supported by the overall price movement, we are still sticking with our bearish bias. In other words, we’re considering current price action as only a deep bullish retracement. Again, we might have to exercise patience as the Hourly trade setups might take some time to unfold.
The white horizontal line @ 1.6744 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.

However, we still need our Hourly charts – using Fibonacci retracement levels and important resistance levels – to seek promising areas to take our Short positions. Price pattern on the Hourly must also be forming lower highs and lower lows.

Today on GBPUSD – Is this currency pair within a major bearish channel?

On the Weekly chart above, we have a clearer picture of the overall market activity. Although, from the Weekly chart’s perspective, it’s currently a bit premature to conclude, we would notice that a possible downward or bearish channel is unfolding. This is indirectly (or directly, as the case may be) telling us that, while the Head and Shoulders formation previously observed on the Daily chart has been virtually nullified, the bears might still manage to pull something out of the bag.

On the Daily chart above, the downward or bearish channel is seen to be more valid as, unlike the weekly chart, the swing points for drawing the channel are already fully formed. Also to be observed is the current price pattern of lower high and lower low – a very strong indication that the bears are currently in charge. From a day-trade perspective, our bias is bearish; however, price is currently around a Daily swing low @ 1.6261 (which we’ve highlighted using the blue broken line), hence the bears might experience some difficulties. Looking toward the left side of the Daily chart, we would notice the 1.6261 level is a critical level as price had reacted to it a number of times in the past.
In all, our conclusion is to seek Short trade setups on the Hourly chart – supported by the H4 chart, while bearing in mind this critical 1.6261 level.

On the H4 chart above, price has broken the most recent swing low @ 1.6496 (which we’ve highlighted using the blue broken line) downward. That automatically shifts our bias in favor of a downward price move. The white horizontal line @ 1.6744 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.

However, we still need our Hourly charts – using Fibonacci retracement levels and important resistance levels – to seek promising areas to take our Short positions. Price pattern on the Hourly must also be forming lower highs and lower lows. Please note that our aim is to sell a rally in today’s down-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.

Today on EURUSD – Daily and H4 charts support Long trades, but...

On the Daily chart above, yesterday, we witnessed price making a new year-high @ 1.5143 (not highlighted). Price broke two previous critical resistance levels: the most recent Daily swing high @ 1.5047 (also not highlighted) and the previous year-high @ 1.5061 (which we've highlighted using the blue broken line). Those price actions were strong enough to sustain our day-trade bullish bias and shift our longer term bias to supporting an uptrend scenario. Currently, price is probably having a bearish retracement. It is, at the moment, around the previous year-high level @ 1.5061, which we expect to now act as a good support level. If the current retracement is shallow, the 1.5061 level might help the bulls resume their movement. The main thing we’re interested in is when we would be prompted to continue seeking Long trade setups on our Hourly charts – supported by H4 charts; hence, we would like to see price break above the year-high – also the previous day’s high @ the 1.5143 level.

Please NOTE: Let’s keep in mind that today is Thanksgiving holiday in the US, so we might experience thin trading volume, especially during the New York session.

On the H4 chart above, the previously broken swing high @ 1.4987 (which we've highlighted using the lowest blue broken line) still remains the most recent swing high price broke above. That sustains our bias in favor of an upward price move. The previous year-high @ 1.5061 (that we've highlighted using the middle blue broken line), which we discussed on the Daily chart as a level we expect to now act as a good support level – if the current retracement is shallow – is seen on the H4 chart.
The new year-high – also the previous day’s high @ 1.5143 (which we've highlighted using the uppermost blue broken line) is seen as the most recent swing high on the H4 chart. Again, as earlier discussed, we would like to see price break above this level before seeking Long trade setups.

However, we still need our Hourly charts - using Fibonacci retracement levels and important support levels - to seek promising areas to take our Long positions. Price pattern on the Hourly must also be forming higher highs and higher lows. Please note that our aim is to buy a dip in today's up-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.

Today on EURUSD – Daily and H4 charts support Long trades.

On the Daily chart above, earlier price action today resulted in a decisive break above the downward or bearish channel, which we discussed yesterday. Not only that, the bulls also shattered two critical resistance levels: the most recent Daily swing high @ 1.5047, a level which had been acting as the “second top” of a previously anticipated – i.e. now nullified – Double Top formation (pointed out by the right green arrow), and the year-high @ 1.5061 (which we've highlighted using the blue broken line). Both are just a few pips apart from each other.
Hence, from a day-trade perspective (and even a longer term perspective), our bias is now bullish. There seems to be no major resistance level the bulls have to contend with for now, so we expect a relatively “smooth” uptrend for the time being.

On the H4 chart above, price has broken the most recent swing high @ 1.4987 (which we've highlighted using the lowest blue broken line) upward. That sustains our bias in favor of an upward price move. Also, as we discussed on the Daily chart, the crucial resistance levels: the most recent Daily swing high @ 1.5047 and the year-high @ 1.5061 (which we've highlighted using the middle and uppermost blue broken lines, respectively) have also been broken; and that greatly strengthens our bullish bias. However, let’s keep in mind that price has moved a considerable distance today, so movement might stall for a while. The green horizontal line @ 1.4887 highlights the most recent swing low, and as long as price stays above it - in the absence of any new and higher swing low - our bullish or upward bias remains intact.

However, when seeking our Long trades, we’ll still need our Hourly charts - using Fibonacci retracement levels and important support levels - to seek promising areas to take our Long positions. Price pattern on the Hourly must also be forming higher highs and higher lows. Please note that our aim is to buy a dip in an up-trend.

What is the Definition of Financial Freedom?

Personal Note: This is a very insightful article by Duane. I believe it addresses the truth that the moment we realize our happiness or sense of fulfillment is only defined by our inmost desires – which are unique from one individual to another – the same moment we begin the quest toward becoming independent thinkers. In short, only we ourselves can sincerely determine whether we are achieving (or have achieved) our personal finance goals, or not – A role that offers us limitless privileges as well as limitless challenges.


By [http://ezinearticles.com/?expert=Duane_Hatfield]Duane Hatfield

For many people the definition of financial freedom is the position in life where they think all their money problems are over. Is that truly when financial freedom is achieved? As we have all seen with those who win the lottery or receive a large inheritance, they usually return to the monetary place they were before their windfall.

So as we have noted from the actions of others it's not the amount of money that gives freedom but something more. Something that causes whatever amount we have achieved, when we achieve it, to satisfy the little voice in our heads that tells us our needs are or will be met. The point where we don't feel threatened with the loss of our situation or position in life.

From the thoughts above we now have an understanding that all freedom, not only financial, is based on an inner peace that passes understanding. We don't know why we feel that peace or comfort, we only know it exists. Striving to accomplish that peace is the driving force in people's lives. It causes all of us to stretch our boundaries and reach for the unreachable dream. The secret goals we only admit to ourselves because others may consider them above our ability.

Another reason we have satisfaction is our mindset. When we have done our very best and the benefits of that labor is manifest, at least in our own beings, we have the contentment of a job well done. And no matter what anyone else's opinion may be we still have the satisfaction it was our best. We all suffer from the desire to please and be accepted by others and usually our dreams are what suffer. Our personal drive is stifled and the force of purpose within us is buried under our submission to someone else.

There is no shame in working hard and having dreams, only know the reaching of your point of freedom will be accomplished within yourself and not on the outward rewards.

Written By Duane Hatfield

Visit me on Facebook http://www.DUANEHATFIELD.INFO

Article Source: http://EzineArticles.com/?expert=Duane_Hatfield http://EzineArticles.com/?What-is-the-Definition-of-Financial-Freedom?&id=3261231

Today on EURUSD – Who has the “much needed” sixth sense?…

On the Daily chart above, we would observe that since two weeks ago – precisely Wednesday 11 – when price peaked @ 1.5047 to form the “second top” of a possible Double Top formation (pointed out by the right green arrow), price has been in a consolidation pattern – within a narrow downward or bearish channel formation. At the time the consolidation started, similar to most of life situations, we didn’t have enough information to know it had started, as that would have aided our decisions. It’s during periods like this that individuals crave the sixth sense to see into the future. However, in the absence of sixth sense, we’ll always make do with what is readily at our disposal: the real-time information.
Current price action is telling us that the market is in a consolidation mode, hence, from a day-trade perspective, it’s probably advisable to keep off any trending method till we have a clearer coast. We would be waiting for price to break decisively above or below the bearish channel to make further decisions. We don’t know when that would happen, it may or may not happen today; we just have to wait.

On the H4 chart above, price has broken the most recent swing high @ 1.4934 (which we've highlighted using the blue broken line) upward. That sustains our bias in favor of an upward price move. However, as we’ve discussed at length on the Daily chart, current bigger picture isn’t supporting any strong bullish movement for now, hence, regardless of the H4 swing break, it’s preferable to keep off any day-trade trending methods for now.
Although, the coast is not clear at the moment, let’s keep in mind that the green horizontal line @ 1.4800 highlights the most recent swing low, and as long as price stays above it - in the absence of any new and higher swing low - our bullish or upward bias remains intact.

Today on GBPUSD – Daily and H4 charts support Short trades, but…

On the Daily chart above, last week, we correctly anticipated further bearish movement on the GBPUSD pair. Also in accordance with our analysis, price found support around the most recent Daily swing low @ 1.6514 (which we’ve highlighted using the middle blue broken line). While our bias still remains bearish primarily due to the fact that price breached the 1.6514 level, the last trading day’s candle – last week Friday’s candle – did not decisively close below it, hence we still need further confirmation that the bears still have momentum. We would like to see price break below previous trading day’s low – Friday’s low – @ 1.6459 (not highlighted). From a day-trade perspective, we would interpret current price action as a bullish retracement; hence we might have to exercise patience in seeking day-trade selling opportunities. If price eventually breaks below Friday’s low @ 1.6459, we expect the next Daily swing low @ 1.6261 (which we’ve highlighted using the lowest blue broken line) to act as the new crucial support level.

On the H4 chart above, price broke, at that time, the most recent swing low @ 1.6605 (which we’ve highlighted using the upper blue broken line) downward. That automatically sustained our bias in favor of a downward price move. As discussed on the Daily chart, Friday’s low @ 1.6459 (that we’ve highlighted using the lower blue broken line), which is seen on the H4 chart as the most recent swing low, is a level we would like to see price break below to confirm further bearish movement. Again, from a day-trade perspective, price seems to be in a bullish retracement, and as a result, it’s currently a considerable distance away from the 1.6459 level we would like to see it break below. We might have to exercise patience in seeking day-trade selling opportunities.
The white horizontal line @ 1.6674 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.

However, once the coast is clear, we’ll still need our Hourly charts – using Fibonacci retracement levels and important resistance levels – to seek promising areas to take our Short positions. Price pattern on the Hourly must also be forming lower highs and lower lows. Please note that our aim is to sell a rally in today’s down-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.

Financial Literacy Equals Financial Leverage

Personal Note: In recent years, I’ve come to the realization that the more one focuses on how to generate steady cash flow – independent of one’s physical effort – the more the attainment of TRUE financial freedom becomes plausible. Not only does it “miraculously” make available more hours, every day, to THINK productively regarding our personal finances, but it also helps us to curb our often “insatiable” thirst for aggressive or even sometimes unrealistic expectations regarding Return On Investment (ROI), which usually results in “financial-despair” or resignation to so-called “fate.”
In this article, Ted Ciuba tells us more about the leverage of non-physical-effort-dependent cash flow.
Please NOTE I’m yet to know much about Ted’s resources.


By [http://ezinearticles.com/?expert=Ted_Cuba]Ted Cuba

You really can't blame people for getting it all screwed up. They have been taught that way, and we are social animals and we learn from our environment - I mean, this is nature. However, it's just numerically the case that they were born in that relationship, in that family, in that city, in that society. The truth is absolutely different.

What am I referring to? I am referring to how you're taught and trained to get a job; taught, trained and educated to get a job.

And you're taught, trained and educated that you can get a better job if you want to make more money and have more of the comforts of life, when in fact there isn't a job that will ever do it for you. A job, which some people say is an acronym for "just over broke," is, as a matter of fact, what most people are.

What are we talking about? This: it means being in business for yourself. But not just any business. Many business "owners" simply traded their job for a "pay yourself last" chain around their neck.. That could be worse than a job. You've got to get away from trading hours for dollars.

"Oh, this is a good job. It pays $20 an hour." (Adjust this figure for your own location and time.)

You think so? Hey, on an eight-hour day that's $160. Now, you can convert that to your own currency, but then by the time you pay 40-50% to the tax person, that ain't a good job!

And what are you going to do? Are you going to put in a little bit of overtime? How much can you do, and how much do you want to do? You've got to think leverage. You've got to think multiplication.

What can you do, for instance, like a rock star or an information marketer, just once and have it sell over and over again? What can you create, in the Internet Age of course, that's digital and when you sell it anywhere in the world, you've still got it and you can sell it again?

Think multiplication, think leverage, think like a business owner. Think, what can you leverage?

You can be sure that Henry Ford, had he stayed an employee instead of employing thousands and thousands... You can be sure that Andrew Carnegie, had he stayed an employee instead of employing thousands and thousands... Neither would never have found the leverage and gone on to the great wealth and benefit they brought to the world.

It is no discredit to be an employee if you're getting educated, getting motivated, determining the insight, creating a strategy to get out of it. Think leverage. Think multiplication. Think, what can you do once - design a system, patent something, copyright something - then have it sell forever or a long time? What can you get other people's money to do for you?

Think, think, think like a businessperson. Financial literacy comes into the life of every person who achieves success. No, you don't have to keep the books. No, you don't have to do all the micro-managing... But you've got to be involved. The business depends on the direction and the energy that you give it. That being the case, jump in!

Ted Ciuba, "living legend" and bestselling author of [http://thenewthinkandgrowrichbook.com/]TheNEWThinkandGrowRich, Ted Ciuba is one of the world's top human potential trainers. He helps people find, define, and actualize their passions to transmute their intangible desires into real money. To find out more about Ciuba, how he can help you, and to collect $297 worth of free gifts visit [http://www.HoloMagic.com]http://www.HoloMagic.com.

Publishers and website owners - You may freely use and publish this article as long as you publish it in its entirety, including the resource box.

Article Source: http://EzineArticles.com/?expert=Ted_Cuba http://EzineArticles.com/?Financial-Literacy-Equals-Financial-Leverage&id=3286311

Today on GBPUSD – Daily and H4 charts support Short trades, but…

On the Daily chart above, we concluded yesterday that “though… we’re now within a medium term bullish trend, current price actions show we probably have the opportunity to seek Short trades – from a day-trade perspective.” Today, our day-trade bias still remains bearish. Yesterday’s candle closed decisively below the lower edge of the upward or bullish channel – a good sign the bears still have momentum. However, before seeking our Hourly Short trade setups – supported by the H4 chart – we would like to see price break below yesterday’s low @ 1.6605 (not highlighted) to be further convinced of the bears’ strength.
As we also concluded earlier, we expect the most recent Daily swing low @ 1.6514 (which we’ve highlighted using the lowest blue broken line) to act as the next crucial support level.

On the H4 chart above, price broke, at that time, the most recent swing low @ 1.6754 (which we’ve highlighted using the uppermost blue broken line) downward. That automatically shifted our bias in favor of a downward price move. We could observe price’s proximity to previous day’s low – also the most recent swing low @ 1.6605 (that we’ve highlighted using the middle blue broken line), which we discussed on the Daily chart as a support level we would like price to break below before seeking Hourly Short trades. We could also observe the crucial support level @ 1.6514 (that we’ve highlighted using the lowest blue broken line), which we also discussed on the Daily chart. We have about 90-pip gap between the 1.6605 and 1.6514 levels; hence, we seem to have enough room to short this pair – in case price eventually breaks below the 1.6605 level.
The white horizontal line @ 1.6845 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.

However, we still need our Hourly charts – using Fibonacci retracement levels and important resistance levels – to seek promising areas to take our Short positions. Price pattern on the Hourly must also be forming lower highs and lower lows. Please note that our aim is to sell a rally in today’s down-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.

Long Trade set-up on USDCHF Hourly chart.

With support of the Daily and H4 charts, we currently have a possible Long trade setup on the USDCHF pair.

Pls NOTE: On the H4 chart above, while setting our profit targets and managing our Long trades, let’s keep in mind the most recent swing high @ 1.0208 (highlighted with the blue broken line). It might prove to be a crucial resistance.

The Hourly chart above is currently forming a tradable pattern. Price seems to have topped temporarily @ 1.0194. Hence, we expect price to retrace to the area between 1.0158 and 1.0122 (which is the area between the 50% and 100% fib. retracement levels – drawn from the most recent Hourly swing low to the current price-top). Let’s seek to buy around this area. If price breaks the 1.0122 level downward, our bullish bias is no more valid and we enter a no-trading zone. Our primary profit target is @ 1.0214 (the 127% fib. ext.).

Also, if price breaks above 1.0194 (current price-top) before retracing to the buy-area, we’ll have to redraw our Fibonacci tools using a new top & the most recent Hourly swing low to determine new potential areas to buy.

The 15min. chart above gives us a clearer view of the Hourly price action and the potential areas to buy (please note it’s advisable to set a Limit order ahead of time as price could move down to these level and reverse sharply in our favor)
This chart is rather cluttered but if we look closely, there are a couple of potential reversal levels available. You choose your preferred level based on your personality.

fib 61.8% ret. @ 1.0150;
fib 78.6% ret. @ 1.0138.

Personally, based on the broken most-recent Hourly swing high @ 1.0140, which I believe is a potentially strong reversal level, I would be going for the 78.6% ret.

Initial Stop Loss @ 1.0120; primary Profit target @ 1.0212 (Please remember to factor in your broker’s pip-spread).

Please note that all these Fibonacci (fib.) levels have other pivots, overlapping fibs or previous highs/lows supporting them (they are the cause of this cluttered chart). As such, price could reverse at any of the points. The issue here is that the deeper the fib level you choose to buy from, the smaller the pips you’ll risk and the more your pip-profit; BUT, also the more the likelihood of you missing the trade as price might not retrace that deep before moving back upward.
You need your own discretion here.

Please keep your risk low. Don’t risk more than 2% of your capital. Personally, I risk about 0.5% per trade; and each trade has a potential profit target of 1% or more – based on my entry & exit levels.
We MUST NEVER assume we KNOW where price is going next!

P.S.:
Similar Short trade set-up is forming on the EURUSD pair.
Also, always keep in mind any major news releases. Be wary of possible price volatility during these periods.

Today on GBPUSD – Daily and H4 charts support Short trades, but…

On the Daily chart above, though it’s pretty much obvious that we’re now within a medium term bullish trend, current price actions show we probably have the opportunity to seek Short trades – from a day-trade perspective. Earlier this week, price moved upward to breach, at that time, the most recent swing high @ 1.6842 (which we’ve highlighted using the middle blue broken line) but was unable to stay above it; consequently, it started retracing downward since then. The previous day’s low @ 1.6714 (not highlighted) has been broken downward and that strengthens our day-trade bearish bias. However, price is currently at the lower edge of an upward or bullish channel, and that tells us to be very cautious of Short trades. In case the bears decide to disregard the channel’s lower edge, we expect the most recent Daily swing low @ 1.6514 (which we’ve highlighted using the lowest blue broken line) to act as the next crucial support level. In all, from a day-trade perspective, our bias is bearish; but let’s keep in mind that we are still within a medium term bullish trend.

On the H4 chart above, price has broken the most recent swing low @ 1.6754 (which we’ve highlighted using the upper blue broken line) downward. That automatically shifts our bias in favor of a downward price move. The bullish channel discussed on the Daily chart is shown on the H4 chart and it gives us a clearer observation of price action around it. We would observe it’s currently stalling further bearish move. The next crucial support level @ 1.6514 (that we’ve highlighted using the lower blue broken line), which we also discussed on the Daily chart, is also seen on the H4 chart – over 150 pips from current price position.
Depending on individuals’ risk-tolerance level, we might handle the current situation in a couple of ways: either we immediately start seeking Short trade setups, or we wait for an H4 candle to close decisively below the bullish channel. Whatever we decide, again, let’s keep in mind that we are still within a medium term bullish trend.
The white horizontal line @ 1.6845 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.

However, we still need our Hourly charts – using Fibonacci retracement levels and important resistance levels – to seek promising areas to take our Short positions. Price pattern on the Hourly must also be forming lower highs and lower lows. Please note that our aim is to sell a rally in today’s down-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.

Today on EURUSD – Daily and H4 charts support Short trades, but…

On the Daily chart above, on Wednesday last week, the bulls, seeking to make a new year-high, met fierce resistance less than 20 pips below the current year-high and, at that time, the most recent Daily swing high @ 1.5061 (which we’ve highlighted using the upper blue broken line). As a result, price reversed at 1.5047, formed a reversal candle – Doji (pointed out by the right green arrow), moved further downward, and eventually resulted in the formation of the most recent Daily swing high @ the 1.5047 level. This price action created a potential “double top” formation – the “first top” (pointed out by the left green arrow) being the year-high @ 1.5061, and the “second top” (pointed out by the right green arrow) being the most recent Daily swing high @ 1.5047. A Double Top in a strong bullish trend signifies a possible, major bearish move.
Although, the potential Double Top, by itself, isn’t strong enough to nullify the longer term bullish bias (as further bearish actions are still necessary), from a day-trade perspective, it supports a day-trade bearish bias, which was “instigated” by a recent price action: before the close of yesterday’s candle, price breached the most recent Daily swing low @ 1.4820 (which we’ve highlighted using the lower blue broken line) – a good sign that the bears want to push further downward. However, though, from a day-trade perspective, our bias is bearish, we would like price to break below previous day’s low @ 1.4807 (not highlighted). Price is currently a considerable distance away from breaking this 1.4807 support, hence, we might have to exercise patience throughout today on this pair.

On the H4 chart above, earlier, price broke a recent swing low @ 1.4879 (which we’ve highlighted using the upper blue broken line) downward. That automatically shifted our bias in favor of a downward price move. However, in relation to our bearish bias, price is currently in a bullish retracement, and, consequently, as discussed on the Daily chart, it is a considerable distance away from breaking the earlier mentioned previous day’s low @ 1.4807 (that we’ve highlighted using the lower blue broken line), which is seen on the H4 chart as the most recent swing low. Again, in seeking Hourly Short trades, we might have to exercise patience, possibly throughout today, on this pair.
The white horizontal line @ 1.5015 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.

Have an Extraordinary Life

Personal Note: This short but very helpful article brings to the fore Liz’s years of experience in the area of personal finance as she explains the importance of focus and goals in achieving our desired financial “now” and future. I don’t have much to add: I believe the piece is succinct and very straight to the point.


By [http://ezinearticles.com/?expert=Liz_Koh]Liz Koh

If you feel as though you are living from payday to payday and not getting ahead, then its time to look at your Money Goals. Money is to be spent - either now or later. The trick is finding the right balance between the present and the future. If you spend all your money just living from day to day, you won't have anything more than an ordinary life. Putting money aside for later will let you do some extraordinary things that will make your life more meaningful. First you need to understand what the purpose of money is in your life - what are the extraordinary things that you want to be able to do in your life for which you need money? Your goals need to be things that excite you enough to do whatever it takes to achieve them. Money is not an end in itself, it is something that enables you to live the life that you want. So think about what the role of money is in your life. Here's a list to prompt you:

* Financial security

* A comfortable life for my family

* Fun and excitement

* Exploration of interesting new place

* Making a difference to the lives of others

* A pleasant living environment

* Development and practice of spirituality

There are many other things besides these that money can help you with, so think carefully about what money means to YOU. Next, try and make your goals more specific by giving them a time frame and an amount of money you need to achieve them. For example, if you want to be able to have interesting experiences, you might have a goal of traveling to Nepal in five years time at a cost of $10,000. Make a list of all your goals, and then choose the top 5 or so that you will try and achieve. If you choose too many goals, you may lose your focus and not achieve any of them. Your Money Goals should cover the short term and the long term. If you have a history of setting goals but not being disciplined enough to achieve them, or if you are in a difficult financial situation, start by setting one or two short term Money Goals that you can realistically achieve.

This might be something as simple as going out for a nice meal somewhere. For each goal, work out how much you will have to save each payday to achieve it. For example, to travel to Nepal in five years time at a cost of $10,000 you will need to save $2,000 a year for the next five years. If you are paid fortnightly, that's about $77 per pay ($2000 divided by 26). Now add up the total amount you need to save each payday for all your Money Goals. If the total you need to save for all your Money Goals is unrealistic, prioritize them or even start with just one goal that you want to achieve. You can achieve anything you want if you have enough motivation. Being clear about what money means to you and setting specific, achievable goals will allow you to live an extraordinary life rather than living from payday to payday.

Liz Koh is no ordinary financial planner. After a successful career in management spanning more than twenty years, Liz set up her own financial planning company - Moneymax - in 1999. Since then, her mission has been not only to help people manage their money and increase their wealth but also to help people enjoy their lives - to the max! Her list of clients continues to grow through word of mouth and she is a regular contributor to several top newspapers, magazines and websites. Liz is the author of the best selling book - Your Money Personality: Unlock the Secret to a Rich and Happy Life, Awa Press, 2008, available from http://www.awapress.com

For Liz's best tips for financial security, visit her website http://www.moneymaxcoach.com to receive your free 8-part eCourse on "8 Steps to Financial Freedom".

Article Source: http://EzineArticles.com/?expert=Liz_Koh http://EzineArticles.com/?Have-an-Extraordinary-Life&id=3227705

Today on GBPUSD – Final days for the bears?

On the Daily chart above, since early this month, price actions have been showing grave signs that the end of longer term bears’ reign is imminent. Early last week, the bears attempted to start regaining lost ground, however, recent price actions showed their efforts were futile: On Monday, last week, price broke above, at that time, the very critical resistance level @ 1.6741 (which we've highlighted using the lowest blue broken line), but couldn’t stay above the level as it met heavy resistance pressure. The bulls, however, showed their resolve as they resumed the upward push by the end of last week. Currently, price has decisively closed above the 1.6741 level, and has also breached the most recent Daily swing high @ 1.6842 (which we've highlighted using the middle blue broken line). Price pattern is now beginning to show a more visible higher-high-higher-low formation. These price actions, combined with some fundamental reports including the Federal Reserve Chairman’s speech yesterday, are strong signs supporting the bulls.
However, after all’s said and done, as emphasized last week, there remains the last barrier that price must break above to completely nullify our overall bearish bias: the 1.7041 resistance level (which we've highlighted using the uppermost blue broken line) where we have the “head” of, at the moment, the very weak Head & Shoulders formation, the year-high, as well as the most recent Monthly chart swing high. While, from a day-trade perspective, our bias is currently bullish, let’s bear in mind that we’re still relatively within the bears’ zone.
Please NOTE that it would be preferable to see price break above the previous day’s high @ 1.6877 (not highlighted) before seeking any Long trade setup today.

On the H4 chart above, price has broken the previous most recent swing high @ 1.6799 (which we've highlighted using the lower blue broken line) upward. That shifts our bias in favor of an upward price move. The previous day’s high @ 1.6877 (that we've highlighted using the upper blue broken line), which we discussed on the Daily chart, is seen on the H4 chart as the most recent swing high. Again, before we seek Hourly Long trade setups, we would prefer to see this level broken.
The green horizontal line @ 1.6668 highlights the most recent swing low, and as long as price stays above it - in the absence of any new and higher swing low - our bullish or upward bias remains intact.

However, we still need our Hourly charts - using Fibonacci retracement levels and important support levels - to seek promising areas to take our Long positions. Price pattern on the Hourly must also be forming higher highs and higher lows. Please note that our aim is to buy a dip in today's up-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.

Today on USDJPY – Daily and H4 charts support Short trades, but…

On the Daily chart above, we would notice that the longer term bearish trend is pretty much obvious, and it’s even more noticeable on the Weekly and Monthly charts. Satisfyingly, from a day trade perspective, our bias is leaning toward the longer term trend: price pattern has been forming lower highs. However, the lower lows haven’t been as distinct as the bears seem to be struggling to break decisively below the support area around the most recent Daily swing low @ 89.29 (which we’ve highlighted using the blue broken line). Price action between the minor downward or bearish trend-line (the red dashed line) and the 89.29 level seems to be forming a “descending triangle” formation. A descending triangle formation gives us an idea that traders are currently indecisive whether to push further downward or not. As a result, though our bias, from a day-trade perspective, is bearish, we would like to see price break below (or, preferably, close below) the 89.29 level to be further convinced of the bears’ strength.

On the H4 chart above, late last week, price broke below the most recent swing low @ 89.63 (which we’ve highlighted using the upper blue broken line). That automatically shifted our bias in favor of a downward price move. However, to buttress our observation on the Daily chart, we would notice price is struggling to close decisively below the most recent swing low: after the initial breach of the 89.63 level, subsequent candles’ opens and closes are seen to be “clinging” to the level.
The 89.29 level (which we’ve highlighted using the lower blue broken line) – as well as the bearish trend-line – discussed on the Daily chart is also seen on the H4 chart, and it gives us a clearer view of price’s proximity to the level. Again, though our bias, from a day-trade perspective, is bearish, we would like to see price break below this 89.29 level to be further convinced of the bears’ strength.
The white horizontal line @ 90.60 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.

However, once the coast is clear, we’ll still need our Hourly charts – using Fibonacci retracement levels and important resistance levels – to seek promising areas to take our Short positions. Price pattern on the Hourly must also be forming lower highs and lower lows. Please note that our aim is to sell a rally in today’s down-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.

Lessons About Financial Freedom I Learned From Playing Robert Kiyosaki's Cashflow 101

Personal Note: Here in this article, Fairus, from his personal experience, takes us through the “enlightening world” of the Rich Dad Cashflow 101 game. I always wonder how I’m yet to play this great game. Testimonies about how the game (including other Robert Kiyosaki’s and Rich Dad’s materials) has changed lives, in terms of personal finance, are almost innumerable. I believe it’s a board game that’s very necessary in every home.


By [http://ezinearticles.com/?expert=Fairus_Farok]Fairus Farok

Everyone aims to achieve financial freedom. Whether you're a student starting out in your first job, or a person set on retiring from work life, that is a constant aspiration which everyone aims towards achieving. The need to be free from financial worries has been one of things in current contemporary times that is very much like the personal holy grail of the everyday man.

Unfortunately, the recent financial crisis has shattered some dreams of people who plan to retire and be financially free. At the same time what we see here is also the jarring fact that a lot of people around the world are financially illiterate, and constantly buying into schemes promising safe returns, yet not seeing this fulfilled. Hence, in this uncertain times, having some measure of financial intelligence would allow us to survive these daunting times. Some of these lessons are things I've learned from the game Cashflow 101, and these are things I wish to share here.

1) Invest not for capital gains, but largely to increase cashflow.

One of the first things I've realised when playing cash flow is that, the only way you can get out of the purported Rat Race is that you must invest for cashflow and not always for capital gains. the term Cashflow is self explanatory to everyone. Capital Gains basically means the profit you'll earn when the price of a property or security will increase. Sure you may need to invest in capital gains opportunities to generate cash for your other more lucrative investments, but never forget that increasing your amount of passive income or cashflow is the ultimate goal in getting out of the rat race.

2) Know how to use debt effectively.

In the game and in his books, Robert Kiyosaki talks about how you need to learn how to use debt in a good way and avoid using it in a bad way. This is pretty evident in the game. The basic premise of debt is that you can apply for a debt to buy whatever properties, but only if the debt allows you to purchase something that would increase your positive net cash flow. For example, if your cashflow from a rental property is $250 and you're only required to take a bank loan which needs you to make monthly payments of $200, that effectively means that you add a net cashflow of $50 per month. That's good debt right there. Of course, a bad use of debt will result in you decreasing your cashflow instead of increasing it.

3) Cut down your expenses

Anything that increases your cashflow will help, and this is one of the ways you can increase it. By paying off your expenses as much as possible like any personal debt and personal mortgages, your reduced expenses will contribute to increased cashflow. Plain logic.

4) Keep Learning!!! (Most Important Lesson)

This one takes the cake. You need to keep learning and expanding your financial knowledge and literacy. Take lessons about investment. Read widely. Learn how to invest and how you can read world financial trends. Never stop learning. The common analogy used here is, "You'll only become a safe driver, but only if you're willing to take the lessons and follow through on those lessons." The same also applies to financial literacy and learning.

Hence, those are just some of the insights I would like to share with you when playing the game Cashflow. I think this game will benefit anyone willing to take the time to play it consistently. It does not matter if you win or lose. Just play to learn, and of course, continue to learn some more about the financial world around us by reading books and joining seminars or webinars. Do go to the Rich Dad website if you want to learn more as they have some fantastic resources there.

Fairus Farok is an avid photographer, a part time tutor and also a fitness buff. Currently studying at the National University of Singapore. He is now delving into other income opportunities such as investment and affiliate marketing. Visit his website at [http://www.fairusfarok.com]FairusFarok.com

Article Source: http://EzineArticles.com/?expert=Fairus_Farok http://EzineArticles.com/?Lessons-About-Financial-Freedom-I-Learned-From-Playing-Robert-Kiyosakis-Cashflow-101&id=3186484

Today on EURUSD – Daily and H4 charts support Short trades.

On the Daily chart above, yesterday, as we anticipated, price continued its downward move and ended as a strong bearish candle. We expect further bearish movement today; however, we would like to see price break below the previous day’s low @ 1.4820 (not highlighted) to be more convinced of the bears’ resolve. If the bears succeed in breaching the 1.4820 level, then, we would still have the lower edge of the bullish channel as the next critical support area, which is currently more than 100 pips away from current price position; hence, from a day trade perspective, we seem to still have enough room to seek further Short trade setups on the Hourly chart.

On the H4 chart above, also yesterday, price broke a recent swing low @ 1.4952 (which we’ve highlighted using the upper blue broken line) downward. That automatically shifted our bias in favor of a downward price move. However, as we discussed earlier on the Daily chart, the previous day’s low @ 1.4820, which is seen on the H4 chart as the most recent swing low (highlighted with the lower blue broken line), is a support level we would like to see price break below before we seek Hourly setups.
The white horizontal line @ 1.5047 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.

However, we still need our Hourly charts – using Fibonacci retracement levels and important resistance levels – to seek promising areas to take our Short positions. Price pattern on the Hourly must also be forming lower highs and lower lows. Please note that our aim is to sell a rally in today’s down-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.

Today on EURUSD – Daily and H4 charts support Short trades.

Please NOTE that this analysis is rather late; hence, it’s best suitable for late London Session and New York Session traders.

On the Daily chart above, yesterday, further price-move upward was rejected within the “bears’ zone” (that we been discussing since Tuesday, this week); precisely 14 pips away from the critical resistance level – the year-high, as well as the most recent Daily swing high @ 1.5061 (which we've highlighted using the upper blue broken line). As a result, price ended with a reversal candle formation (a hammer) – a relatively strong indication that the 1.5061 would be holding and the bears would be taking over, at least temporarily.
Earlier today, price action further confirmed the strength of the “bears’ zone” as price broke below the previous day’s low @ 1.4952 (not highlighted). For now, from a day trade perspective, our bias has turned bearish. The next critical support area is the lower edge of the upward or bullish channel, which is roughly 200 pips away from current price position; hence we seem to have enough room to seek Short trades on this currency pair.

On the H4 chart above, price has broken the most recent swing low @ 1.4952 (which we’ve highlighted using the blue broken line) downward. That automatically shifts our bias in favor of a downward price move. The white horizontal line @ 1.5047 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.

However, we still need our Hourly charts – using Fibonacci retracement levels and important resistance levels – to seek promising areas to take our Short positions. Price pattern on the Hourly must also be forming lower highs and lower lows. Please note that our aim is to sell a rally in today’s down-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.

Today on EURUSD – The bulls, probably, are now in the bears’ zone

On the Daily chart above, yesterday, we concluded that the EURUSD currency pair has been trending upward for a number of days, which translated to a continuous bullish bias, but was in a situation where we would like to see further confirmation that the bulls were ready to push higher. We are still, more or less, of the same view: little price action has happened since yesterday, but nevertheless, early price action today is good enough to warrant further review.
Price has broken above the previous day’s high @ 1.5020 (not highlighted) – almost same as penultimate day’s high @ 1.5019. That signals the possibility of further bullish movement. However, as also discussed yesterday, the bulls’ advance is getting critically close to a critical resistance level – the year-high, as well as the most recent Daily swing high @ 1.5061 (that we've highlighted using the upper blue broken line) – which is now less than 40 pips away. While our bias is in favor of an upward price move, the coast isn’t too clear; hence, let’s be very cautious.

On the H4 chart above, price has broken the most recent swing high – also the previous day’s high @ 1.5020 (which we've highlighted using the lower blue broken line) upward. That sustains our bias in favor of an upward price move.
The very critical resistance level – the year-high @ 1.5061 (that we've highlighted using the upper blue broken line), which we’ve been discussing since yesterday, is highlighted on the H4 chart. Again, similar to yesterday, though our bias is in favor of an upward price move, the coast isn’t clear. We’ve got only about 40-pip gap between the just broken most recent swing high – the previous day’s high @ 1.5020 and the year-high @ 1.5061; therefore, even though price-break above the 1.5020 level strengthens our bullish bias, price is now gravely close to the yeah-high level – an area that could easily be considered as the bears’ zone. It’s probably better to stay away from this pair for now till the coast is clearer.
However, let’s keep in mind that the green horizontal line @ 1.4937 highlights the most recent swing low, and as long as price stays above it - in the absence of any new and higher swing low - our bullish or upward bias remains intact.

Today on EURUSD – Daily and H4 charts support Long trades, but…

On the Daily chart above, we would observe the EURUSD currency pair has been trending upward for a number of days now. From a day-trade perspective, that’s a clear sign that our bias should remain bullish. However, price is currently in a situation where we would like to see further confirmation that the bulls are ready to push higher: price is yet to breach the previous day’s high @ 1.5019 (not highlighted). In addition, the bulls’ advance is getting very close to a critical resistance level – the year-high as well as the most recent Daily swing high @ 1.5061 (that we've highlighted using the upper blue broken line) – which is less than a hundred pips away. While our bias is in favor of an upward price move, the coast isn’t too clear; hence, let’s be very cautious in case we decide to seek Long trade setups.

On the H4 chart above, price has broken a recent swing high @ 1.4917 (which we've highlighted using the lowest blue broken line) upward. That sustains our bias in favor of an upward price move.
The previous day’s high @ 1.5019 (that we've highlighted using the middle blue broken line), which we discussed earlier on the daily chart as a resistance level we would like to see price break above, is seen on the H4 chart as the most recent swing high. The very critical resistance level – the year-high @ 1.5061 (that we've highlighted using the uppermost blue broken line), which is also discussed on the Daily chart, is highlighted.
Again, though our bias is in favor of an upward price move, the coast isn’t too clear. We’ve got only about 40-pip gap between the previous day’s high @ 1.5019 and the year-high @ 1.5061; therefore, even if price eventually strengthens our bullish bias by breaking above the previous day’s high, by that time, price would’ve moved much closer to the yeah-high level – an area that could easily be considered as the bears’ zone.
It’s probably better to stay away from this pair for now; but, as earlier said, in case we decide to seek Hourly Long trade setups, let’s be very cautious.

Today on GBPUSD – The bears seem to be surrendering.

On the Daily chart above, things aren’t looking good in any way for the bears. In August, this year, based on higher time frame charts (Monthly and Weekly charts), the bears gave a strong signal that they were taking over from the bulls, however, recent price actions are giving grave signs that the bears might have to remain “subservient” for a longer period. Virtually throughout last month, October, we were discussing the critical resistance level @ 1.6741 (which we've highlighted using the lower blue broken line) where we have both right and left shoulders of the Head & Shoulders formation. We concluded that price break above the 1.6741 level would signal a strong possibility of bulls pushing farther. Earlier today, this 1.6741 level was breached; hence our longer term bearish bias is floundering.
However, there remains the last barrier that price must break above to completely nullify our overall bearish bias: the 1.7041 resistance level (which we've highlighted using the upper blue broken line) where we have the “head” of the Head & Shoulders formation, as well as the most recent Monthly chart swing high. Price is still a couple of hundred pips away from this critical resistance level; hence, in all, from a day-trade perspective, our bias is bullish.

On the H4 chart above, price has broken the most recent swing high @ 1.6634 (which we've highlighted using the blue broken line) upward. That sustains our bias in favor of an upward price move.
The green horizontal line @ 1.6516 highlights the most recent swing low, and as long as price stays above it - in the absence of any new and higher swing low - our bullish or upward bias remains intact.

However, we still need our Hourly charts - using Fibonacci retracement levels and important support levels - to seek promising areas to take our Long positions. Price pattern on the Hourly must also be forming higher highs and higher lows. Please note that our aim is to buy a dip in today's up-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.

Heal Your Money - Step One

Personal Note: One of the great insights Donna gave in this article relates to what I would describe as one-step-at-a-time approach toward success in our personal finances. Often, we love our plans to be thoroughly thought-out from beginning to end before attempting to take the first step in achieving our desired goals. However, such opportunities rarely occur; and as a result, desired goals are usually attained by individuals who are ready to travel the road in an informed manner, but also with certain degree of uncertainty – believing that with every successive step, comes further illumination.


By [http://ezinearticles.com/?expert=Donna_Higton]Donna Higton

Many of us have issues with money, many of us have limited education and knowledge when it comes to managing money, and many of us have no clue how to move forward into a life of financial ease. One of the contexts I live by is the idea that we already have all that we need within us to find the answers we need.

As a coach, I help clients access that inner wisdom, gain confidence in themselves and share some development resources I know have helped others that might assist them. Even without the assistance of a coach, you can access your own wisdom, gain confidence and find resources that will assist you. (this article, for example!) Ultimately though, it is you that will do the work, it is you that will find your own answers, and it is you that you will turn to.

I hope you already have faith in your own wisdom and ability to find what you need to get what you want. Even if you don't, know that you do have wisdom, you do have ability, and you are absolutely capable of changing your financial health for the better. So, the first step towards healing your money:

Ask yourself this question: What do you know you need to do to heal your money? And what can you do TODAY to take ONE step in the direction of what you know you need to do?

We often blame fear, procrastination, self-sabotage, laziness or some other negative trait for not doing what we know to do...but more often in my experience it is simple lack of knowledge that stops us moving forward. If you know the very first step you need to take - be it paying a bill, setting up a direct debit, balancing an account, or just finding out what you need to know - you can do it. So do it. :-D

Often we miss this vital step - because we don't know what we need to do overall to fix our financial situation, we fail to act on what we already know. The irony being that if you do what you already know to do, you will gain some forward momentum. If you do a few things that you know to do, you will gain even more forward momentum.

And when you have done what you know you need to know, most of the time another action presents itself to you as an idea, so you can keep moving forward with increasing momentum...and before you know it, your life has changed. This one is the one question to remember - because you are the one who knows what's going on in your financial world. If you do nothing else, at least remember to ask yourself this question often and essentially, ACT on the answer to the question...and that alone will help you heal your money.

Donna Higton is a Life Coach who has been working with people on all aspects of joyful living since 2002. She quickly noticed that when it came to money, the same issues came up time and again...and most of them were pretty easy to fix! She decided to pool all these solutions, fixes and ideas into an eBook "110 Ways to Heal Your Money". To find our more about this eBook, go to [http://www.donnaonthebeach.com/blog/index.php/ebooks/110-steps-to-heal-your-money]http://www.donnaonthebeach.com/blog/index.php/ebooks/110-steps-to-heal-your-money.

And to find more articles, blog posts, and fun stuff from Donna, check out her website at [http://www.donnaonthebeach.com]http://www.donnaonthebeach.com.

Article Source: http://EzineArticles.com/?expert=Donna_Higton http://EzineArticles.com/?Heal-Your-Money---Step-One&id=3200257

Today on USDJPY – NFP Rules.

Pls NOTE: Again, if there’s one particular day in every month that trending method/pattern traders should be wary of trading most, it has to be the first Fridays of every month when the Non-Farm Payroll (NFP) report is usually released.
While I’ll go ahead to give my personal analysis on the USDJPY pair, please, let’s bear in mind that, regardless of any technical analyses, NFP usually rules today.

On the Daily chart above, as discussed yesterday, since the beginning of November, the USDJPY currency pair (as well as other major pairs) has been consolidating. Price is still within the symmetrical triangle we identified. Again, while our bias is still in favor of a downtrend, we still hold on to the opinion that we would like to see price break below certain support levels to convince us of the bears readiness to resume their activities: the first of the support levels is the lower edge of the symmetrical triangle, and the second is the most recent Daily swing low @ 89.43 (which we've highlighted using the blue broken line). As concluded earlier, our bias remains bearish, but, currently, the coast isn’t just clear enough for us to seek Short trade set-ups.

On the H4 chart above, price action – much more than yesterday’s – is buttressing our view that the pair is currently in an indecisive mode. In addition to the symmetrical triangle identified on the Daily chart, we could identify a similar formation on the H4 chart. Furthermore, price is stuck between the most recent swing high @ 91.30 (which we've highlighted using the white horizontal line) and the most recent swing low @ 89.98 (which we’ve highlighted using the blue broken line). These price actions are simply telling us to stay away from this pair for now.
Personally, this is a very good example of how technical and fundamental analyses can complement each other. For today, the coast isn’t just clear enough for us (as trend traders) to seek any trade set-ups – at least from a day-trade perspective.

Today on USDJPY – This pair and other major pairs seem to be in a consolidation phase.

On the Daily chart above, since the beginning of November, the USDJPY currency pair, as well as other major pairs, seems to have been consolidating. This indicates that investors and traders are currently indecisive as to which currencies to support or dump. From a fundamental perspective, this action is most likely not unconnected to series of important reports being released in Europe and the US this week.
We would notice on the USDJPY Daily chart that price is currently within a symmetrical triangle. While our bias is still heavily in favor of a downtrend, we would like to see price break below certain support levels: the first would be the lower edge of the symmetrical triangle, and the second, the most recent Daily swing low @ 89.43 (which we've highlighted using the blue broken line). Again, our bias remains bearish, but, currently, the coast isn’t just clear enough for us to seek Short trade set-ups.

On the H4 chart above, currently buttressing our view that the pair is in an indecisive mode is price’s reaction around the most recent swing low @ 90.04 (which we’ve highlighted using the upper blue broken line): although the 90.04 level has been breached, we could notice price is struggling to stay below it as the last fully formed candle not only closed well above it, but also closed as a reversal candle.
One of the critical support level discussed on the Daily chart - the most recent Daily swing low @ 89.43 (which we've highlighted using the lower blue broken line) is also shown on the H4 chart.
As earlier said, our bias remains bearish, but, currently, the coast isn’t clear enough for us to seek Hourly Short trade set-ups.
The white horizontal line @ 91.30 highlights the most recent swing high, and as long as price stays below it – in the absence of any new and lower swing high – our bearish or downward bias remains intact.

However, in case the coast eventually gets clearer, we still need our Hourly charts – using Fibonacci retracement levels and important resistance levels – to seek promising areas to take our Short positions. Price pattern on the Hourly must also be forming lower highs and lower lows.

Long Trade set-up on GBPUSD Hourly chart.

Pls NOTE: We now have a possible Long trade set-up, however, as we concluded earlier today, conservative traders should refrain from taking this trade, or at least reduce their risk.

The Hourly chart above is currently forming a tradable pattern. Price seems to have topped temporarily @ 1.6543. Hence, we expect price to retrace to the area between 1.6471 and 1.6399 (which is the area between the 50% and 100% fib. retracement levels – drawn from the most recent Hourly swing low to the current price-top). Let’s seek to buy around this area. If price breaks the 1.6399 level downward, our bullish bias is no more valid and we enter a no-trading zone. Our primary profit target is @ 1.6582 (the 127% fib. ext.).

Also, if price breaks above 1.6543 (current price-top) before retracing to the buy-area, we’ll have to redraw our Fibonacci tools using a new top & the most recent Hourly swing low to determine new potential areas to buy.

The 15min. chart above gives us a clearer view of the Hourly price action and the potential areas to buy (please note it’s advisable to set a Limit order ahead of time as price could move down to these levels and reverse sharply in our favor)
This chart is rather cluttered but if we look closely, there is a particular potential reversal level available:

fib 78.6% ret. @ 1.6430.

Personally, I consider this 78.6% level a potentially strong reversal level based on the broken most-recent Hourly swing high @ 1.6435.

Initial Stop Loss @ 1.6397; primary Profit target @ 1.6580 (Please remember to factor in your broker’s pip-spread).

Please note that this Fibonacci (fib.) level also has a Weekly pivot, an overlapping fib supporting it.

Please keep your risk low. Don’t risk more than 2% of your capital. Personally, I risk about 0.5% per trade; and each trade has a potential profit target of 1% or more – based on my exit levels.
We MUST NEVER assume we KNOW where price is going next!

P.S.:
Always keep in mind any major news releases. Be wary of possible price volatility during these periods.

Today on GBPUSD – What now with this currency pair?

On the Daily chart above, yesterday, while we held on to our bearish bias, the analysis was concluded with this statement: “…the bears are not out of the woods yet: we have a strong support level – the most recent Daily swing low @ 1.6249…” Since yesterday, this support level @ 1.6249 (which we've highlighted using the lower blue broken line) has proved itself to be a very unyielding level: After price hit a low of 1.6261 yesterday, it sprang upward to close at a much higher price of 1.6419. Earlier today, price broke above the previous day’s high @ 1.6454 (not highlighted). These price actions are good enough to shift our bias – from a day-trade perspective – to bullish. However, apart from our overall bearish bias on the GBPUSD pair, the bulls might be having a daunting task of pushing further: a number of resistance levels must be broken, two of these levels are a downward or bearish trend-line (the red dashed line) and the most recent Daily swing high @ 1.6603 (which we've highlighted using the upper blue broken line). Personally, though our bias, from a day-trade perspective, has shifted to favor an upward move, the challenges the bulls are currently facing are enough to make more conservative traders refrain from seeking Long trades for now.

On the H4 chart above, price has broken the most recent swing high @ 1.6476 (which we've highlighted using the lower blue broken line) upward. That automatically shifts our bias in favor of an upward price move – from a day-trade perspective.
A couple of resistance levels, which we discussed on the Daily chart as possible hurdles for further upward movement, are also shown on the H4 chart: a downward or bearish trend-line (the red dashed line) and the most recent Daily swing high @ 1.6603 (which we've highlighted using the upper blue broken line). Currently price is around the bearish trend-line, hence there’s a possibility the bulls are already in a “danger” zone.
Again, strictly based on our primary parameters, our current bias is bullish; but the challenges the bulls are facing, as earlier said, are enough to make more conservative traders refrain from seeking Long trades for now.
The green horizontal line @ 1.6261 highlights the most recent swing low, and as long as price stays above it - in the absence of any new and higher swing low - our bullish or upward bias remains intact.

However, we still need our Hourly charts - using Fibonacci retracement levels and important support levels - to seek promising areas to take our Long positions. Price pattern on the Hourly must also be forming higher highs and higher lows. Please note that our aim is to buy a dip in today's up-trend.

Also, PATIENCE is the key here: we need to patiently wait for the Hourly retracement. It might happen, and it might not.