Today, an interesting opportunity presents itself.
The GBP/USD moves toward the bottom of a trend channel, giving us an atmosphere to consider looking for long trades.
A hit of the bottom of this channel and a move back to the top represents 300 to 400 pips of space depending on the angle it moves upward.
While this could be the foundation for a long trade, a different GBP currency pair is breaking to the downside with significant room.
The GBP/NZD is a Daily Strike Entry:
Here, I am using a pending order near where the break point of this trend line is. My target is at the bottom of the recent move and my stop is above the recent high.
This is a great Risk to Reward ratio and there is significant momentum to the downside.
Latest posts by admin (see all)
- Forex Tax Basics- Treatment of Forex Transactions - July 17, 2017
- Forex Trading Master Train to Be Great - July 17, 2017
- Before A Forex Strategy Matters, Build a Foundation - July 16, 2017
Winner’s Edge Trading, as seen on: