See daily chart of GBPNZD below for the discussion that follows.
GBPCAD is steadily approaching a big area of resistance. I will look for shorting opportunities in this zone if I see signs of reversal in terms of price action / candles as per my strategy.
This is countertrend, so should I take the trade, I’ll be quick to cut losses or move my stop to breakeven.
Remember, always have your own trading plan and never follow other people blindly. Always know where you will be proven wrong on any trade and have stops in place. Stick to your stops and never bet the farm.
On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. Also see Disclaimers.
Thanks for reading.