Do you have the GBPAUD on your tradable currency pairs list? I do.
The GBPAUD traded for a few days in a short term range, what I liked about the range is that it was formed around a long term important level:
But earlier today, it broke through the bottom of the range and let me tell you, it is now trading at historical lows, so I’m just waiting for the GBPAUD to give me a signal to go short.
What do you think about this one? What spread do you have here?
Trade Safe!
Raul Lopez
Forex Coaching
Take a look at the GBPAUD long term charts, where do you think it is heading? I’d say down… got rejected from an important resistance level:
Its next LT support level is at 1.5137, we’ll see if it gets there.
Trade Safe!
Raul Lopez
Forex Course
The market closed above the highest high of the pattern that triggered the order, therefore it was canceled as mentioned on the previous post.
Be happy though, because there is another one on the GBPNZD. Both, the GBPAUD and GBPNZD are positively correlated, so it wouldnt be wise to open trades on both of them (you are most likely to get the same result on both, risking more than you initially planned). But the signal was triggered on both of them, so I decided to close the order on the GBPAUD and open a new one on the GBPNZD (which is still valid).
Here are the details of my order:
Entry stop: 1.8681
SL: 1.8751
TP: 1.8455
And again, if the market closes above the highest high of the pattern that triggered my order I will again cancel this one.
Trade Safe!
Raul Lopez
The GBPAUD is trading in a bearish condition, yesterday I was waiting for the GBPAUD to break the bottom of the range and it broke it earlier today, retraced back to the short term resistance and formed a significant pattern with downward pressure (this is what made me set my short stop order):
Order details (pending order):
Entry stop: 1.4761
SL: 1.4810
TP: 1.4612
It still is a pending order, and I will cancel it if it closes above the high of the pattern that triggered the order. I’ll keep you updated.
Trade Safe!
Raul Lopez
Forex Course
Both of my trades are closed…
GBPAUD – Decided to close it early today as per my trade management rules (it didnt broke the ST support level before the NFP announcement). Total: +113 pips
EURJPY – Decided to close both trades at 119.72 (24 pips away from my TP order). First trade: +381 pips, second trade +276. Total: 657 pips.
I decided to close the EURJPY as it was about 20 pips from my TP order and I’m not going to be able to monitor my trades for the rest of the day, its not worth it to hold your trade over the weekend for 20 pips…
Have a great weekend!
Raul Lopez
Forex Taining
As you already know, the Non-farm Payrolls report is released tomorrow, it is the most important fundamental announcement, at least is the one that has the most impact in the market (or used to have the most impact). But I have noticed in the last months (even years) that the market doesn’t react to this announcement as it used to react. In these last months, the market spikes up, then down and at the end, it ends up where it was before the announcement…
So this is my plan for my trades:
EURJPY Trades
I have two longs here: 115.91 and 116.96 (currently at +160 and +55 pips respectively). Both of my SL orders are at 116.54.
If it breaks the 117.89 level up, I will hold my trades during the NFP announcement and will move my SL to 116.85 on both trades. If it doesn’t break the 117.89 level up I will close my trades before the announcement.
GBPAUD Trade
I have a short at 1.5616 (currently at +110 pips), and my SL order is at 1.5662
If it breaks the 1.5478 level down, I will hold my trade during the NFP announcement and will move my SL to 1.5586. If it doesn’t break it, I’ll close my trade.
We need to take in consideration that the NFP always has the potential to have a large impact in the Forex market, especially if the released number differs a lot from the expected one. We’ll see what happens.
Trade Safe and good luck with your trades.
What do you do? Do you keep your trades open during the NFP announcement?
Raul Lopez
Forex Training
Last week I wrote about the GBPAUD, it is trading in a very clear bearish market condition, the next LT support level is more than 400 pips away from where it is currently trading, etc. I’ve been monitoring it, and this morning I got my signal to go short:
Here are the details of my trade:
Entry: 1.5616
SL: 1.5662
TP: 1.5207
I’m risking 46 pips for the possibility to get 409, nice deal ha?
Trade Safe!
Raul Lopez
Forex Training
Trades update:
AUDCAD: +100 pips
GBPUSD: +109 pips
NZDCAD: +117 pips
Yesterday I was looking forward for a breakout of the LT support level in the GBPAUD, and it did… It broke the main LT support level at 1.5823. What is interesting about the GBPAUD is that the next LT support level is at 1.5177, around 450 pips from where the market is currently trading at:
Next week I’ll keep an eye on this one as it is likely to continue its way down and there is no support level until 1.5177…
Have a great weekend!
Raul Lopez
Forex Training
Today we got to be careful because the US interest rates figure will be released at 2:15 EST, and you never know what could happen with interest rates announcements.
The GBPAUD is trading in a bearish market condition, yesterday it broke through the ST support level triggering its bearish condition. Right now it is trading at that important level, if we get something significant with downward pressure might be a good opportunity to go short:
Remember it needs to trade below 1.5919 so that we could consider the GBPAUD trading in a bearish market condition. If it trades above that level it’ll cancel its bearish condition.
Trade Safe!
Raul Lopez
Forex Training
A few days back I tried to go long in the GBPAUD but the market retraced a little and stopped me out. I really like this cross because of its LT market condition, it is trading in a very clear bullish market condition, the GBPAUD is likely to continue its way up until it reaches the nest LT resistance level which is at 1.6346:
So here I am again, trying to go long. The market already retraced to the place where we have upward pressure and it was rejected again. That’s always a good sign!
Here are the details of my trade:
Entry: 1.6110
SL: 1.6058
TP: 1.6317
Trade Safe!
Raul Lopez
Forex Training
Earlier today I posted about the bullish market condition in the GBPAUD, I was waiting for a retracement to the main short term support level, and it happened, I was waiting also for a pattern with upward pressure and it also happened:
These are my levels (yellow lines):
Entry: 1.5998
SL: 1.5950
TP: 1.6318
Trade Safe!
Raul Lopez
Forex Training
Most GBP crosses are trading in a bullish market condition, and the GBPAUD is no exception. It is trading in a bullish market condition and long opportunities are in play:
I’ll wait for the GBPAUD to retrace back to the short term support level, if I see a significant pattern with upward pressure around it, I’ll definitely go long.
Trade Safe!
Raul Lopez
Forex Training
The GBPAUD is trading in a very strong bullish market condition, long opportunities are in play and it is trading more than 300 pips away from its next LT resistance level:
The next LT resistance level is at 1.6346 and it is currently trading at 1.6040
Trade Safe!
Raul Lopez
Forex Training
How do you feel trading at historical highs/lows?
There are traders that don’t feel comfortable trading at historical highs/lows, because they think the market is to retrace back sooner or later, and its alright, if you don’t feel comfortable trading any market condition, don’t trade it, there are plenty of other pairs and crosses.
Myself, I feel comfortable trading at historical highs/lows, its not always about buying low to sell high, sometimes we need to buy high to sell higher (such as breakout strategies). Now, there is one important topic here: if we don’t have clear S&R levels, where should we set the TP order? I use a 3:1 risk reward ratio and keep trailing my stop to secure some profits, it’s a little subjective, but its just impossible to determine where the market is going to bounce back (I don’t use Fibonacci, Elliot Waves, etc).
Anyway, the GBPAUD is trading at historical lows:
I’ll be looking for short opportunities in the GBPAUD.
Trade Safe!
Raul Lopez
Forex Courses
Yesterday the GBPAUD was trading around a LT important level, but earlier today it broke through an important ST support level triggering a bearish market condition.
It’s interesting how it broke the range then it retraced back to validate the resistance level (where I got in):
Trade Specifications:
Entry: 1.5823
SL: 1.5874
TP: Since it is trading at historical lows, I set the TP order in a RR ration of 3:1
Trade Safe!
Raul Lopez
Price Action