Hey traders, whats going on? How is your trading so far this week?
Mine has been slow… not a lot of trades… just a few short term trades here and there, but most currency pairs have been trading in a very very very very tight range…
And if you are the type of trader that only trade one or two currency pair… I guess you had a long weekend???
Or if you only trade the EURUSD? It has been painfully slow these last few weeks hasn’t it???
That’s one of the reason I always recommend instead of trading one currency pair, to analyze a few of them, and focus on the ones that have the clearest market conditions…
It makes more sense to me.
Anyway… Here is a good trade possibility.
Yes, the GBPNZD is one of the fastest moving currency pairs, if could move more than 500 pips in just one day… or even just a few hours…
So you can expect to have large SL in this pair, but at the same time, large TP levels.. Which is just what we got right now…
On the long term charts, its clear that the GBPNZD is trading in a very clear bullish condition, that means that only long opportunities are in play.
What happens if you get a short signal? I’d recommend you to ignore it.
So here is the holy chart:
My entry order us just a few pips above from where the market is currently trading at. So I hope it gets triggered now.
As you can see, the SL in this trade is pretty wide, but the TP order is at 2.2891, so the risk reward ratio is still pretty good.
Here are the details of my trade:
Entry stop order: 2.2398
What do you think about this trade? Are you going to take it?
Do you trade only one or two currency pairs? Or more than that?