TRADING STRATEGY FOR WEEK 29 (18 - 22 JULY, 2016)
15th July 2016, I closed all my Long & Short positions in GBPNZD and then withdraw £1000 from my trading account. It's the total profit I made for 15 days since 1st of July 2016. My target profit for this month is already achieved so I am in no rush to regain Short positions.
The GBPNZD pair is now starting to pullback thanks to the clever decision of Andrea Leadsome, the hesitation of Bank of England to cut rate this July, and the three day bearish run in NZDUSD. I am willing to take a full Short position once this pullback reaches 0.38Fib (around 1.94) level. I am more interested in selling rather than buying because the Bank of England is considering a rate cut (i.e. the swap you have to pay for holding a Long position might cause you death by a thousand cuts).
I will continue to minimize my trades for the rest of this month, but I will definitely want to make money should the pair stick to its rising channel (in which case I'll do swing trades) and/or should it continue using a-b-c-d-e correction patterns (in which case I'll sell/buy at e).
The GBPNZD pair is now starting to pullback thanks to the clever decision of Andrea Leadsome, the hesitation of Bank of England to cut rate this July, and the three day bearish run in NZDUSD. I am willing to take a full Short position once this pullback reaches 0.38Fib (around 1.94) level. I am more interested in selling rather than buying because the Bank of England is considering a rate cut (i.e. the swap you have to pay for holding a Long position might cause you death by a thousand cuts).
I will continue to minimize my trades for the rest of this month, but I will definitely want to make money should the pair stick to its rising channel (in which case I'll do swing trades) and/or should it continue using a-b-c-d-e correction patterns (in which case I'll sell/buy at e).