Open trading account 
Today we start of with a new contest, and I would like to wish all the contestant a very good luck with your trading and may you achieve success with your trading plans.
Well that said, today's trading plan involves the GBPNZD pair. Lets have a look at the trade setup and direction of trade
The NZDUSD pair is gaining strength and currently looks to be a more favourable option.
Looking at the GBP NZD 4 hr time frame, we see the GBP NZD is on a very strong bearish trend, and the formation of the bulish Engulfing Candle followed by the 3 candle do not indicate any bullish power. So I decide to sell the pair.
But I would be looking to sell the pair after the release of the GBP manufacturing PMI data today, so as to avoid any risk.
On the other hand the GBP NZD could also move upward after bouncing of the trend line. Hence a stop loss just above the Bearish Engulfing candle should be able to give me good protection.
Happy Trading.
Well that said, today's trading plan involves the GBPNZD pair. Lets have a look at the trade setup and direction of trade
The NZDUSD pair is gaining strength and currently looks to be a more favourable option.
Looking at the GBP NZD 4 hr time frame, we see the GBP NZD is on a very strong bearish trend, and the formation of the bulish Engulfing Candle followed by the 3 candle do not indicate any bullish power. So I decide to sell the pair.
But I would be looking to sell the pair after the release of the GBP manufacturing PMI data today, so as to avoid any risk.
On the other hand the GBP NZD could also move upward after bouncing of the trend line. Hence a stop loss just above the Bearish Engulfing candle should be able to give me good protection.
Happy Trading.
