The following calls are based on long-term chart scenarios that have just received their entry signals. We had taken a long GBP/NZD late last week here in this blog; that trade rose overnight quite some distance, and with a different long-term signal appearing (prevailing), either that or just the trailing stop mentioned when the cross would hit above the 2 mark, should be enough to keep you at least flat there. We have a long-term SHORT setup in the pair above 2, stop above 2.2, target 1.75. These are perhaps too wide ranges for you to consider trading, thus I’m just letting you know of it, we’ll focuse on the other pair.
I’m a seller and have been selling GBP/CAD in the mid 1.80XXs, will add more @ 1.82, 1.83 and 1.85, will take a stop-loss on the full scenario above recent highs, and have set-up a take-profit area starting @ 1.75. The price action dynamics in this pair have been acting wonky to say the least for the last couple of months; if it gets back to normal, we should be seeing some very decent correction there.
Macro FX Out of My Hat 