How is it going trader?
In what currency pairs have you been focusing lately?
Please don’t tell me that majors…
From the way I see it, most of the majors are trading not in a clear market condition… Specially the EURUSD. So please, stop trading them!
Expand your horizon, yeah, you’ll have to pay more spread, but the odds will be on your favor, and that’s what we are all after, aren’t we?
I would rather trade an instrument with a larger spread, but with a clearer market condition, than a currency pairs with a tighter spread and have absolutely no idea of what the market is doing…
Please tell me this makes sense…
Here we go…
The GBPCHF is one of the currency pairs with the clearest market condition… the moment you see it, the moment you realize how simple it is moving…
Here is the daily chart:
Its pretty clear that the GBPCHF is trading in a long term range, and it was recently rejected from an important support level, which means that it is likely to continue its way up until it hits the next LT resistance level at 1.5435.
The AUDNZD is another chart that has clear swings and clear S&R levels.
Just take a look at the next chart:
What do you think about this one?
Quite clear isn’t it?
In this case, the AUDNZD broke through an important support level and now it is likely to continue moving down…
And of course, a few of the JPY crosses are still trading in a very clear bullish condition. So there is still some room on a few of them!
This is the beauty of being a market follower, you don’t have to worry about anything… If you see a clear market condition, you trade it, if its not clear you don’t trade it… And patiently look for entries on other instruments with clearer market conditions…
Have you been trading the EURUSD lately? What other currency pairs?
What do you think about my trading plan on the mentioned currency pairs?
Share your thoughts!