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Webinar: Sterling Strategy and How to Nest a Stop

Webinar: Sterling Strategy and How to Nest a Stop

James Stanley, Senior Strategist

Talking Points:

- In this webinar, we used price action with simple macro-economic analysis to look for trade setups for the coming week, which will bring a G-20 meeting along with the open of a new month and Non-Farm Payrolls next Friday.

- We began with a focus on the British Pound, which is finally seeing some element of strength after a brutal 2-month pattern of weakness. And while that down-trend is really attractive with the prospect of revisiting the 30-year low at 1.3500, traders need to exercise caution and prudence with entries. This article goes over the current setup that I’m watching in GBP/USD, and in the video we go over that with more length.

- We also looked at GBP/JPY, and this is exciting from a macro perspective because of the prospect of meshing up a weak Sterling with what has been an exuberantly strong Yen. The Yen could continue to see safe-haven flows on the back of risk aversion, and this theme meshes nicely with continued GBP-weakness on the prospect of a Brexit. The difficult part here is entry, and we outlined a few levels to look at getting short in the pair.

- We also looked at continued resistance in equities and whether or not we may be on the cusp of another move lower. It’s still too early to tell, but signs of risk aversion still exist and attractive short-side entries can be had given near-by resistance. But be careful with obvious levels of resistance because you’re likely not the only one seeing it!

- We also devoted a large portion of the discussion to risk management and stop placement. When there is a really strong or confluent level of support/resistance that is likely being seen by many market participants, the probability of a false break, or a head-fake is very high. Traders can attempt to offset this by ‘nesting’ their stop above (for shorts) or below (for longs) that very obvious price level.

--- Written by James Stanley, Analyst for DailyFX.com

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