Disliked{quote} Hi Habeeb, Im looking at the daily GBP/NZD also, for me its hard to see whether it has broke out and is just retracing before taking off or if, like you said, its hit the resistance, produced a BEOB and is ready to take short. Whats the best way to enter this on a short? RedIgnored
The best way comes down to personal preference. I prefer to enter after a retrace. This is much more riskier than waiting for confirmation of the setup, but the SL is much less. You could enter on the lower timeframe to minimize your risk even more. On the 4hr BeOB you'd have an 80 pip stop instead of 300 on the Daily BeOB.
Keeping it Simple