Hey traders, how is your trading going so far this week?
What currency pairs are you monitoring/trading?
I dont know about you, but in the last few months I’ve been focusing mostly on crosses. For some reason, the majors haven’t been trading in clear S&R levels…
And that’s something that makes me think twice before getting into a trade. If we don’t have clear S&R levels, then we cant understand what the market is doing, and what it is likely to do.
Just take a look at most majors, open up the long term charts, there are no clear swings, no clear levels…
Now, take a look at some crosses and you’ll get exactly the opposite, clear swings, clear S&R levels, etc.
So, if you have been getting bad results lately, maybe its about time to look at the crosses now.
At the end traders, I believe that what we need to do day in and day out, is to focus in the instruments that have the clearest market conditions… that’s it!
Forget about everything else and try to trade every day only the currency pairs that have clear S&R levels, clear swings, and at the end the probabilities will do its job.
Anyway, here is one of those currency pairs that I believe is trading in a very clear market condition.
As most of you already know, the GBP crosses are among the instruments that move the most…
Last week alone, the GBPNZD reached our take profit order of more than 500 pips in just a couple of days.
Today is the turn of the GBPJPY… Right now, it is trading in a very clear bullish condition, you’ll need to look at its weekly chart to get the next LT level which is at 213.78
It is currently trading at 194.84
Go figure… around 1900 pips…
Ok, now lets take a look at the short term chart:
Its clear that the GBPJPY is ranging on the short term charts, so we have two possibilities, take a retracement trade from the bottom of the range or a breakout of the range.
I’d definitely favor a breakout trade here.
So here are my orders:
Entry stop: 195.97
What currency pairs have you been trading/monitoring?
What do you think about my GBPJPY signal?
Share your thoughts.