Trend traders huddle up! Today we’re looking at not one, but TWO long-term trades that you might want to trade in the next couple of trading sessions. Check them out!
Remember that uptrend action that we spotted a couple of days back? Well, it looks like it’s finally getting fresh bullish momentum!
That’s right, USD/CAD just bounced from the 1.3100 major psychological handle that was also near the channel and the 200 SMA support.
Think the dollar will gain more pips against the Loonie? Buying at current levels would give you a good reward-to-risk ratio especially if you aim for the previous highs near 1.3800.
If you’re not feelin’ the love for the Greenback, however, then you could also wait for the pair to drop below the support levels that we’re watching and trade a downside breakout instead.
Whichever bias you choose to trade, make sure you follow your trading plans to a T when you execute your trades!
GBP/JPY has officially dropped below 143.50, people! That means that Guppy bears might not wait around for a retest of the falling trend line and 100 and 200 SMAs after all.
Who’s shorting the pound at market prices? If you are, then you better place WIDE stops in case we see the pair pop back up. Don’t worry, your reward-to-risk ratio will be fine especially if you aim for the previous lows near 135.00 or even 131.00.
If you’re not too sure about the pound’s bearish direction, then you could also wait for a retest of the trend line that we’re watching, or wait for a couple more candlesticks to confirm a bearish momentum.