futama99 posted: So what is the enter and exit rules?
Thats the tough part. You have to use a resistance level and maybe a candle pattern to sell to the line. And a support level and candle pattern to buy it up to the line. I use only the daily chart support and resistance levels. If the pair is in a up trend or down trend and the price pops up or below the line those are the best. I have a habit of exiting a bit early sometimes, take the pips and run, But usually target the line, or just above the line in a sell and just below the line in a buy.
I made 102 pips on that GBPNZD trade on the chart above . here is the current chart. You can see how the price came right down to the line. I have 2 horizontal lines on the chart for what I think was support and resistance.
The GBPNZD is the best looking rubber band trade at this time . 125 pips to the 50 line and the line is angled down. Entry is everything on this trade. It looks good. There is GBP news in about 8 hours I believe .
And the USDJPY still looking good . Not sure if it will go lower before heading to the line . Maybe the 102.20 area?
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