GBPNZD Update - Power of Price Action

FX:GBPNZD   British Pound / New Zealand Dollar
Greetings Fellow Traders,

I just wanted to take this time to illustrate a little more about watching the trade set ups that I favor as they are occurring in action. Although this is labeled as a GBPNZD             update - I encourage you to look at AUD and NZD Pairs to see the same if not very similar formations.

Market structure is always very important, but it is constantly evolving. It is our duty as an active trader to try, to the best of our ability, to identify not just every support/resistance we can think of, but to identify the ones that are actually dictating current price action. Those of you that have done basic research on technical analysis have heard that Old Support becomes New Resistance (and vice versa) I cannot stress how important this simple founding concept is to trading success. It's wonderful to be able to predict price action or a high or a low....but how many times did you predict incorrectly before you were accurate once?

Higher time frame candle closes are very important, especially the Daily Candle. Even if you're wrong you can usually walk away with minimal damage simply by waiting for price to reach what you consider an acceptable entry level for a given trade.

You don't trade the higher time frames like I do? It's no big deal, these same characteristics exist on the lower time frames as well, but I encourage you strongly to look at the higher time frames to get the bigger picture of what is going on.

If you entered into either of the Oceanic (AUD and NZD to me) Pairs I'd like to congratulate you on an excellent trade especially during a holiday week, these trades should be anywhere between 2-300 pips in profit as of this post.

Always do your own analysis before entering a trade. If you like what you see here feel free to comment, "like" or follow. If you ever have questions you would like to ask me I'm always available via PM.

Happy Thanksgiving and Safe Trading!
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