You know, there are periods of instability, periods in which its very complicated to trade, or to find low risk trade opportunities…
There is no doubt about it!
But there are also periods, in which trading seems so easy… we just need to find them.
For instance, one of the currency pairs that I’ve been trading lately is the GBPAUD.
Take a look at its long term chart:
In the chart above its quite simple to trade, once the market gets rejected from an important resistance level I start looking for short opportunities, and when it gets rejected from the support level I start looking for long opportunities.
That simple. There is no need of complex technical indicators or tools. Just price action.
Ok, now to today’s signal.
As most of you already know, the EURNZD is trading in a very clear bearish condition, and here is why:
It’s clear that the market already broke through an important support level and now it is likely to continue its way down, at least until it reaches its next LT support level which is at 1.5259.
Now, lets take a look at the short term charts:
It has been already rejected from the bottom of the range twice, so I’m going to use a stop entry order to go short.
Entry stop sell order: 1.5554
What do you think about my signal? Are you going to take it?
What other pairs are you currently monitoring?
Share your thoughts