Hey Trader, the market has been slow this week hasn’t it?
Yesterday I’ve got an email from fellow trader… he was asking me if there was something wrong with the market, he thought that it was so slow.
And he is right, the market has been slower than usual, but, is it something we should be alarmed with?
Of course not.
There are weeks like this one, the only thing that we need to do is to be extra careful with our trades, you dont want to be trapped in a trade that barely moves, do you?
So focus in the levels and pairs that have the highest probability of moving in one direction over the other.
Plus, let me tell you something… there is always something:
- The market so slow
- There is a lot of volatility right now
- The market behaved in unexpected ways
- There was an important announcement
- Someone said something about the market
And so on and so forth… So, make yourself a favor and focus only in the pairs that have:
- Clear S&R levels
- Clear swings
And you’ll be fine.
Ok, now on to my signal…
GBPAUD Long signal
As I said before, you need to make are you are trading the right currency pairs, the ones that have a clear market condition, clear swings and clear S&R levels.
And in my point of view, one of them is the GBPAUD.
Based on the LT charts, it is trading in a very clear bullish condition, it was clearly rejected from an important support level. Take a look at it and you’ll se exactly chat I mean.
Ok, so that means that I’m going to be looking for long opportunities in the GBPAUD.
Here is the short term chart:
I’m going to take the breakout of that range. My entry buy stop order is at 1.8663 + spread.
I know some of you are not that comfortable taking breakout trades, but let me tell you why this one is different.
First, we are already in a bullish condition, that means that if it is going to break either extreme of the range, its more likely to break the upper level.
We are also far away from any LT level, and there is where most false breakouts occur, so we are safe there.
Do you agree that this week has been slower than usual?
What currency pairs have you been trading this week?
What do you think about my signal? Are you going to take it?
Let me know in the comment section.