Hope everything is going well traders…
It’s not that I focus only on the GBP crosses… Everyday I try to come up with the currency pairs with the clearest conditions and the ones with the best profit potential…
If I do the same thing every single day, I know that the odds will me on my favor… so it doesn’t matter if I lose one or two trades, sooner or later it will pay off.
Right now my main focus are the GBP crosses, but some times, I focus on other crosses, the JPY, or the CHF, and so on and so forth.
You know what I mean?
I try to avoid trading any pair for the sake of trading it, I really try to understand what the market is doing on both, long term and short term charts.
Only when I fully understand what it is doing, I know what it is likely to do in the following hours/days, and there is where I try to find my entry.
And that’s it trader! That’s what I do every single day…
Does it make sense?
Here is what I think is one of the best trade opportunities for today/tomorrow.
Here is the long term chart
Just broke through an important LT support level, which means that it is likely to continue its way down, at least until it reaches the next LT support level at 1.6202.
Now, here is the short term chart (15 minutes).
There are two possible trades:
Retracement trade: If it retraces back to the ST resistance leve, and gives us a pattern with downward pressure, we can take a short trade.
Breakout trade: Wait for the GBPCAD to break through the bottom of the range (set and forget trade). Entry at 1.6585, SL at 1.6637 and open target.
Let me know what you think.