Let me ask you one question…
What is our main goal as a trader?
Think about it for a minute or two (alright, a few seconds will be enough)…
If your answer was to make money… you are wrong.
Thats a by product… it comes as a results of our main goal as a trader, which I believe to be:
To find everyday, the best currency pairs to trade.
So I actually look for three things:
- Clear support and resistance levels
- Clear market swings
- Good profit potential
If you always trade currency pairs that have the above points, you’ll be on your way to a successful trading career…
And here is one of them…
I know some of you dont like to trade this one because of the spread, but dont pay too much attention to the spread… I’d rather trade a clear currency pair with a wider spread than a not so clear currency pair with a tighter spread…
Are you with me?
Ok, here is the Daily chart:
You see where is it trading at?
It is currently trading at 1.8488 and the next LT level is around 1.9050, so we have more than 500 pips before we hit the next LT level, so we’ve got plenty of room and time to take our trade.
What do you think about the GBPAUD?
Are you going to look for trade opportunities in the GBPAUD? Or are you a little worried about the spread?
What other currency pairs are you monitoring/trading?
Share your thoughts!