Holla to my trend-trading brothas!!!
Which pair do you think has better odds?
GBP/NZD bulls and bears are having tug-o-pips around the 1.9600 zone, which lines up with a 38.2% Fib retracement and a previous support level on the 1-hour time frame.If you believe that the pound can still lose more pips against the Kiwi before extending its weeks-long uptrend, then you’ll want to look at the 50% Fib near the 200 SMA or the 61.8% Fib closer to the trend line support for potential entry opportunities.
Of course, you can also buy them pounds as soon as you see some kind of bullish momentum. You just gotta make sure that your risk ratios are still tight!
Pound bears who would rather take advantage of the current downswing can also place small positions at current levels and then take profits as soon as the bears gain some momentum.
If you can’t get enough of them comdolls, then this one is for you!AUD/CAD is consolidating around the .9625 levels. That’s right smack at the 50% Fib retracement AND the channel resistance on the 4-hour chart!
Trend warriors can short at current levels and aim for March’s lows for the best reward-to-risk ratios. You can also wait for a bit of momentum before shorting if you’re not too sure about the Aussie falling against the Loonie right now.
What if AUD/CAD busts through the channel resistance? Wait for a clear break above the trend line AND the 100 SMA so you don’t get caught in fakeouts.
Good luck and good trading, errbody!