Sublime_Trading
Long

Will The GBPSEK Set Up for a Long Entry?

FX_IDC:GBPSEK   BRITISH POUND / SWEDISH KRONA
The GBPSEK is one of the better looking GBP currencies with price trending well and currently going through a mini breather as opposed to a deep pullback such as the GBPCAD.

Last month in March, price broke out of a period of consolidation that went back to December of last year and has since been trending very nicely. The emerging trend structure has so far been linear and displaying signs of a fast moving trend.

Here at Sublime Trading, we are patient with our entry and allow a trend to establish itself first.This will then give us an idea of what trend we are dealing with and hence which one of our strategies we should then use to extract profit.

By aligning yourself with price and letting price dictate what to do (as opposed to predicting which is what most do), life as a trader is far simpler and profit is far more consistent.

What we are waiting for now on the GBPSEK is a breakout above last week Wednesday's high as well as a break and close above the round number 12.0000. This is currently acting as a resistance.

The distance between Wednesday's high and the round number 12 for us does not warrant enough space to place a trade. The initial risk to reward on offer plays a big part in if risk is worth allocating to a trade.

In this case, applying patience is the preferred option for us as the risk to reward from 12.0000 to 13.0000 and beyond is far more appealing.

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

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