Yeah, I know the answer, of course we all want 300 pips or more…
The question is how to get them.
The key is to find the the currency pairs that are more likely to move in one direction over the other. This way we’ll be able to control our risk.
That means that we need to look at the charts, find clear S&R levels, find clear swings and then you have a good candidate!
Look, you could use the most advanced technical indicator or tool, but I’m going to tell you something:
The market makes the indicator behave in “certain ways”… it’s not the indicator who makes the market behave in “certain ways”!
Please, read that statement again.
That means that the indicators is showing you how the market behaved… it’s not that it is going to tell you how the market its going to behave in the future…
Ok, now back to those 300 pips!
As I said, our job is to find the currency pairs that have the clearest market condition, and today, one of them is the GBPAUD.
Take a look at its long term chart:
It looks like the GBPAUD its being rejected from an important resistance level.
If you have been following me you know that most of the time the market moves from on level to the other, so if it is being rejected from an important resistance level, it is likely to continue its way down until it reaches the next LT support level…
And where is the next LT support level at?
More than 300 pips from where the market is currently trading, which is at 1.8159, that is around 330 pips…
Ok, so you want 330 pips? Your job now is to look for a short opportunity in the GBPAUD, you can use the entry system of your choice, just make sure to ignore every long opportunity and focus on shorts.
What do you think about the GBPAUD?
Are you going to trade it?
By the way… What kind of entry systems do you use?
Please share your thoughts.