I’m long GBPCHF and short GBPAUD… How could you be going long and short GBP at the same time? Yes, under certain circumstances it could be a good idea… see the reason at the end of this post.
Yesterday I went long on the GBPCHF. It is currently trading in a short term range, and if it breaks the top of the range, I’ll move my stop loss to the breakeven level:
I opened my GBPAUD trade the 25th of June, as the time of this post, it is at +440 pips, and I intend to hold it until it hits my TP order at 1.4903. I just would feel more comfortable once it breaks 1.5072:
What do you think of my two trades?
The reason I’m long (GBPCHF) and short (GBPAUD) at the same time is that it could be possible that GBP is stronger than the CHF, but also, the AUD could be stronger than the GBP.
Take a look at your AUDCHF, and if it is going up, I’m right about this.
What do you think?