GBPSGD trade ideas
Pending sell order: GBPSGDI would like to this counter trend and have placed a pending sell order to short GBPSGD. If the I get filled in with a spike up and then down that would be good. If I see a strong push and the price holds within my entry area, I will then try to get out for a breakeven or a small loss before reassessing for another entry for short.
GBP/SGD part 2: 4hrYou see the price action and the channel. All the pound pairs broke levels and hit levels, then made what looks to be diagonal flags. You may be trading into a correction so understand that. As far as take profit, this is kind of a hard one to explain, but if you did catch a buy, might want to let some run just in case to see what it does. If it were to drop down and break fork, well that would be an even better entry. At this point I don't know that it will. It either completed a diagonal and will push out, or it can keep chopping down in channel, but the pound looks like it wants to correct a hair... But be careful.