Pip warriors huddle up!
Today we’re lookin’ at not one, but TWO safe-haven plays that just might make you pips in the 1-hour and 4-hour time frames.
CAD/CHF is finding short-term support at the .6950 minor psychological handle.What makes the Loonie’s current levels more interesting is that it lines up with a broken channel resistance on the 1-hour chart.
Are we looking at a break-and-retest scenario over here? Buying at the first signs of a bounce is your best play if you’re one of them Loonie bulls who believe that CAD/CHF will eventually pop back up to its .6980 and .7000 previous highs.
Feel like we’re just seeing a fakeout? Once you see CAD/CHF confidently trade below the channel again, then you can start placing them short orders until the pair drops back to its previous lows near .6900.
What is trendy and has done something we should’ve seen coming?
If you answered BTS being named TIME’s “Entertainer of the Year,” then you’re…probably friends with my nieces.Today we’re talking about GBP/JPY’s uptrend, which has pulled back down to the 200 SMA levels.
While it’s tempting to wait for a channel support retest to get the best risk ratio out of an uptrend, you should consider that the 200 SMA lines up with an inflection point that has been keeping bulls and bears on their toes (or hooves and paws) since October. That means we shouldn’t rule out a trend continuation from the pound’s current levels!
Waiting for the first bullish candlesticks is a good idea if you’re g with trading Guppy’s uptrend.
Pound bears, on the other hand, can also wait for a clear break below the trend line support if they’re betting on a trip down to the 135.25 or 133.80 previous areas of interest.