By focusing on the very strongest vs weakest of the MAJOR CURRENCIES, we are able to hold onto our WINNING TRADES for much LONGER without the fear of giving back open profits to the markets.
2021 So far, has been VERY GOOD to us keeping us on ONE SIDE of the market and only buying the BRITISH POUND GBP against the weakest of the other Majors.
Less usually means...
We have been only trading on the long side of GBP across several of the majors during the past few weeks and have had some of easiest timed trades focusing in one direction.
A lot of money is lost by traders trying to trade both long and short especially within the same timeframe chart.
A lot of the feedback we get from traders is how to identify the best pairs...
This hit TP yesterday on my previous posts for this pair. Want to see this retrace now for another chance to long. I have marked out the area for this to retrace to around 0.382 Fibonacci, we need to wait and see when this rebounds though as it is possible to drop further than this between 0.5 and 0.618, I think this is unlikely but its better to wait and be safe....
GBP has been correcting over the past few days against most, if not all pairs. This recently had a breakout above a big resistance level so the retrace was expected and should go back to this previous resistance which will now act as support. Anywhere from 0.382 and 0.5 Fibonacci will be a good longing position. We need to see the price start to turn first and the...
As previously reported on GBP/CHF this is breaking above the resistance. If this closes above resistance then look for a retrace to support before entering a long. TP is 1.25320 which is the next resistance level. Use 4HR and 1HR timeframes and MACD and EMA to help time the entry. I will make another idea with shorter timeframes if this starts to retrace to support.
A trade which is one of my favourites at the moment, if we see rejection from the trend line as well as the 78.6 level will be taking a long up to the -68.7 fib level.
250 PIP GAIN 8/1 RR
