Hi Monokl,
Thanks for the great view its quite similar to mine. I really don’t like ranging markets I prefer reversals and trends. So on the ranging GBP as I am bullish I would wait to hit the bottom of the range or even more as Cad is a very stable currency these days. Basically I follow the trends with the price action and most of the time wait for big price extremes so I can enter the opposite when the new trend starts to develop so I can hold my positions and then let them go for a few days while I search for the next good opportunity. Just took a look at the GBPNZD chart i think you entered on the right direction but a bit early reading the price action. But we have big news coming today on the GBP which are expected bullish so things could get really strong in your direction
Thanks for the great view its quite similar to mine. I really don’t like ranging markets I prefer reversals and trends. So on the ranging GBP as I am bullish I would wait to hit the bottom of the range or even more as Cad is a very stable currency these days. Basically I follow the trends with the price action and most of the time wait for big price extremes so I can enter the opposite when the new trend starts to develop so I can hold my positions and then let them go for a few days while I search for the next good opportunity. Just took a look at the GBPNZD chart i think you entered on the right direction but a bit early reading the price action. But we have big news coming today on the GBP which are expected bullish so things could get really strong in your direction