GBPUSD long (until proven otherwise)

Until this level breaks down again cable offers a valid long trade.


Comments

Post a Comment

Popular posts from this blog

$DAX at critical juncture

Image
The stock markets have shown great strength in recent weeks. Still the $DAX has not managed to make any meaningful progress beyond pre-Brexit levels. This is apparent in the weekly chart: The trendlines actually show an acceleration to the downside were the German index to head south from here. Zooming in on the daily chart magnifies the double resistance that we are trading at currently: Thus I am very cautious with longs in any of the stock markets at this point. Funny coincidence was a conversation of two work colleagues I overheard recently in which the tenor was one of optimism for the economy because with $DAX over 10.000 points not everything can be bad and ugly. *All ideas presented here are my personal opinions and not investment advice.
Read more

How to trade well and lose your serenity

Image
It does not happen everyday that I get an entry right almost to the tick and the market relentlessly sprints in my favor as has happened with this $SPX500 short. $SPX500 2h chart Granted, the overall market trend is clearly bullish and this is a short-term counter-trend trade. But in an overstretched market, so I felt very comfortable letting this one ride for a downside extension. But as we can see, Mr. Market had other plans and took me out for break-even. Which of itself is a good trade. Clear entry, market turned around unexpectedly, I got out without financial consequences. But this trade actually cost me big nerve, as I helplessly watched my +20 points evaporate to zero. ZERO!!! I guess that's what they mean when they tell us that trading is a psychological game. Any tips how to keep calm?
Read more

A roadmap for $AUDNZD

Image
After months and months of bear market activity $AUDNZD is finally signalling bullish resistance. $AUDNZD on the 4h chart The downtrend was violated (red circle) and was tested from the upside for a bullish rejection. I entered a small long at 1.0427 which I intend to hold as long as the pair is not violating the young uptrend. Longer term targets will be in the 1.0850 - 1.09 area, which currently is the intersection of a projected channel and a bearish trendline. Should the price action form a bearish pattern earlier I am bailing out of this scenario and bets are off for me. $AUDNZD daily chart *All ideas presented here are my personal opinions and not investment advice. Take responsibility for your own risks and trades!
Read more