GBPUSD Trading Chart:
In terms of relative strength, GBPUSD is one of the weaker currencies recently. Thus I’m favoring shorts on this pair.
On daily we can see price is in a downtrend with clear lower highs and lower lows established.
On 4 hour we see price respecting the 50 EMA here.
Traders can look to sell if price retrace towards 50 EMA or look to short a breakout to the downside.
How about Shorting NZDUSD now as it is near to 50EMA with bearish pin bar on the daily?
I always short the weakest and long the strongest markets.
Basically identifying what is the relative strength of the market.
Nzdusd is weak, but not as weak as gbpusd if you ask me.
Simple Concept… Trade with the Trend… i like your video on the USDJPY…. i have seen many SELL call for USDJPY by so many signal providers…. the brokers must be very happy working with those signal providers.. Thanks and Good Day.
Hi Rayner, great blog you have! Since you use 2 ATR as your stoploss – question: is it 2 ATR for the period you take the trade? E.g. 2 ATR on the 4hr chart for the cable. Thanks.
Yes you’re right TC.
Thanks for the heads up, already shorted after your post, holding one position at the moment. When you get time please write something about how to manage this position, where you think I can scale in another position and how to move SL.