I Posted the trade idea a week ago and as can be expected from GBP crosses they are stubborn. However, I took 2 sell trades for 562 pips, but obviously counter-trend trades that are risky and not recommended for new traders. The pair is seemingly re-testing the Daily and Weekly resistance at 1.7992/1.80, but until it breaks that level on a Daily chart, I will look for sells as the pair is over extended on Larger time-frames. Take note that 1.7992 is also a Monthly resistance. Until it breaks and close above this level on a Daily chart, I will continue looking for sells, with caution, to 1.7660 and then to the bottom of the wedge at about 1.75 (counter-trend trade). A daily close above wedge resistance will negate my bearishness for now. Also note, I’m an intraday-trader and therefore I often take sells and buys’ on a pair based on strength/weakness analysis for the day/session and why I often place counter trend trades. Looking at GBP CROSSES they are all at levels on higher time-frames, especially Monthly time-frames where the market will have to decide whether they will turn bullish or bearish for the longer term. Either way, there will be major pips to be made on these pairs.

GBPNZD - FOLLOW UP

Source: QUEEN OF POUND

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.