What is your opinion?
Don’t trade it. There are other better trades today. Try EUR/JPY instead.
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Hi @KaziTanzib - It sounds like you didn’t have a plan. Sure, making a plan is hard for intra-day trading, everything happens quickly and one day can be completely unlike every other day and sudden news stories and announcements make a huge difference.
You cannot know what the market will do but you must know what you will do. If you’re new to trading, stick with trading off the daily chart until you’re more experienced.
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Yeah move on. If it doesn’t fit your plan then wait until it does or look at another pair that does.
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gbpchf is looking very bullish
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Right, but maybe EUR/USD might be the best choice. What do you think?
Yeah, I will wait for it, until it gone normal
Ha define normal my friend!
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I’m waiting another day to get back into GBP/UDSD long again.
Its still bullish - last week’s range and last week’s close were bullish over the previous week of course, and price is still above both. The 20 and 50EMA’s still slope upwards and the 20 is still above the 50. Other GBP pairs are equally strong, and the next strongest currencies, AUD and NZD have actually fallen back a little.
Yesterday was a weak day for GBP/USD - lower close than Monday - but that put it out of step with the other 6 GBP pairs which all had strong with-trend continuation days yesterday, and this was the 3rd strong day in succession for each of them, suggesting GBP is a little over-bought. I’m sure GBP is still the one to buy but probably today at least we will not see much price rise on this pair. I’ll take another look tonight.
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A nice doji on the daily yesterday and so far some downward movement but I agree that overall there is nothing to suggest it has broken the buy model yet.
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There is no point in moving ahead if you don’t have a plan for it. But if you know what must be done, go ahead and execute your trade because forex trading is all about knowing what you are doing.