Is it time to buy GBPAUD?

Currently long NZDCAD, I am casting my eye over GBPAUD and it seems to have reacted nicely to a decent soft level of support....one which has been well respected in the past.

Fingers and toes crossed it doesn't run away before the end of today, for a long trade. Even though it is not completely at the bottom of a long term range, it is at a level which has been quite reactive in sending price action on its way to the top of its range in the past!

AUDCHF now finally due for a sell?

As AUDCHF hurtles towards the fortified 10159 level of resistance that remains unbroken since 2008, eyes are open for a potential short! Even this price is currently above parity (a key psychological barrier on its own), we can see that the behaviour of price action over the past 4 years validates the 10159 as a far stronger level to contend with. As always, we trade what we see - not what we think and this looks like a very good 'supply' zone where we can pre-empt sellers coming back into the market.

A 1.272 Fibonacci extension also overlaps perfectly with 10159.

While you could be forgiven for simply waiting for a reversal bar to confirm a safer entry, I am going to place an order a little below the level to take advantage of the 'lightening before the thunder' and getting into the trade at the most efficient price in a bounce trade where not only is probability 70% in favour - the reward to risk is significantly more favourable than if it was traded as a breakout trade.

BBC Speechless As Trader Alessio Rastani Tells Truth, Collapse Coming, Goldman Rules World

 A little vile but at least he is honest!

EURJPY TRADE (21ST June) revisited

Those who went sold EURJPY on the 21st June took advantage of a great technical set-up which was dogged by the news (on 29^th), which went against the trade. However, it as we do not have a crystal ball and have no idea what the outcome of the latest European dilemma is, our trade management ensured we protected the against we made in addition to the 1% we risked IN ADDITION to giving our trade that little bit of room to breathe for that intra-day volatility.

One way I do this it to trail my stoploss to the high of every second seller bar (if going short) and below the low of every buyer bar if I'm going long. It's simple, it's objective and tames order within the chaos of the currency market where, frankly, anything can happen at any time.