2015-08-03_22-47-17 eurgbp2

Sometimes the best trade to take is not to trade.

One should be able to decern all the basic information just by looking at the chart.

On this chart price just looks messy and there is no trend.

Therefore there will be no buying or selling from the moving averages.

Tactics are changed and support and resistance zones are prefered for pulling the trigger.

The 55 and 200 MA are flat on the chart and you might think that we are in a dead time zone but even with the uk and ny boys there might be no movement.

We could possibly have traded the tripple top from the upper line on the chart but if you missed it you would probably be better of to wait for an outbreak and retest.

If you are just a trend trader then keep your powder dry and choose a trending chart with higher highs and higher lows or lower lows and lower highs.

 

Best of PIPS,

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