Getting Ready To Fade GBP Rallies

Published 03/18/2013, 10:05 AM
GBP/AUD
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GBP/NZD
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I've got some entry orders waiting for a rally in GBP that I can fade based on the 4 hour timeframe. The first one is a short GBP/AUD trade, which has done well for me this year. It almost got filled at 1.4625 last night, but missed by a few pips.
<span class=GBP/AUD" title="GBP/AUD" width="1279" height="704">
I also am waiting to short GBP/NZD at 1.8390. It would have been even better to have short it at the 200 EMA on the 4 hour chart (highlighted in the chart below); we got a reversal candlestick off that one. Unfortunately, I somehow missed that one so I'll be waiting for a pullback to 1.8390.

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