Want a clear trading opportunity today?
Look at the GBPNZD…
Every day I scan for the clearest trading opportunities out there, I look on both: short term and long term charts, and when they are aligned, bum! There is an opportunity.
A few weeks ago I wrote about the GBPNZD and its bullish condition on the long term charts, today is the turn of its short term charts:
As long as It trades above 1.9944 I’ll be looking for long opportunities.
Do you trade this one? Or would you rather trade one of the majors? Think about it, even when this one is that clear?
Share your thoughts!
Take a look at its weekly chart:
I know, this is the weekly chart, and it is kind of complicated to use the weekly chart to take intraday trades.
But let me tell you something, the insights that you can get off both, the weekly and the daily charts can be invaluable.
For instance, after looking at these two charts, I know I’m going to be looking only for long opportunities on the GBPNZD until it reaches the next LT resistance level at 2.0481
What do you think?
Have a great week ahead!
Seems as if the market is waiting for tomorrow and Friday’s important announcements, most currency pairs are ranging around an important level. This is also the case for the GBPNZD:
My trading plan for the GBPNZD is as follows:
If it breaks the top of the range it will trigger a bullish condition, then I’ll start looking for short opportunities
If it breaks the bottom of the range it will trigger a bearish condition, and I’ll start looking for short opportunities.
Since it is not a well defined range I will no trade the short term range
Have you seen the GBPNZD daily chart? It’s quite clear that the market is trading in a bearish condition (likely to continue its way down), and we also got some downward pressure off the daily and weekly charts:
What is most interesting about the GBPNZD is that the next LT support level is at 1.8548, and it is currently trading at 1.9017, so it is trading more than 450 pips away. We can use those pips, wont we?
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Last week I tried to take a signal on the GBPNZD and GBPAUD but none of them where triggered, because when I placed my entry order, the market when up and closed above the highest high of the pattern that triggered my signal. But earlier this morning I got a new signal on the GBPNZD and this time it got triggered:
Here are the details of my trade:
All of you have a good week ahead!
The market closed above the highest high of the pattern that triggered the order, therefore it was canceled as mentioned on the previous post.
Be happy though, because there is another one on the GBPNZD. Both, the GBPAUD and GBPNZD are positively correlated, so it wouldnt be wise to open trades on both of them (you are most likely to get the same result on both, risking more than you initially planned). But the signal was triggered on both of them, so I decided to close the order on the GBPAUD and open a new one on the GBPNZD (which is still valid).
Here are the details of my order:
Entry stop: 1.8681
And again, if the market closes above the highest high of the pattern that triggered my order I will again cancel this one.
The GBPNZD is trading in a very clear bearish market condition (around historical lows) and I’d like to see it breaking the lower extreme of the range in order to start looking for short opportunities:
If it breaks the level down, I’ll keep looking for short opportunities as long as it keeps trading below the level.
Its going to be complicated to open new trades since the non-farm payrolls is released tomorrow morning. But If I was to trade anything it would be one of the GBP crosses that are trading in a very clear bearish condition.
This is the case for the GBPNZD, it broke the bottom of the range earlier today, and right now it is trading in a clear condition…
As long as it trades below 1.9283 I’ll be looking for short opportunities.
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Probably the best thing to do today (and tomorrow) would be to stay on the sidelines because of the uncertainty with Greece rollover plan. And that is exactly what I’m going to do, wait until Monday and reassess each currency pair analysis when the turbulence is over. Just so you know, one of the crosses that I’ve been monitoring and I’m very comfortable with is the GBPNZD, it is trading in a very clear bearish condition (its trading around historical lows) and it is likely to continue its way down:
As long as the GBPNZD trades below 1.9440, I would feel comfortable trading on the short side.
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Just to let you know I have closed my GBPNZD trade at -7 pips… I was going to leave my trade open over the weekend it broke the ST support level around 1.9606, it traded for a while around that level but it retraced back… I’ll let you know early next week whats the condition on this pair, if anything changes.
Have a great weekend! Take some time to get away from the market, we need it from time to time. So no charts until early Monday!