*** Trade Alert: GBP/DKK - Long Entry @ 8.5091 - Stop set @ 8.4788

I have been watching several of the not so common pairs and have found a possible good entry for the GBP/DKK Pair. First look is at the daily chart and we can see a large downward movement of many thousands of pips - WOWZY - Although I missed the short on this pair (simply because I wasn't watching it) I'm prepared to take a Long on this position due to it's highly oversold level. There have been a few respectable bounces on this pair during it's downward slide.

Now lets look at a shorter term charts to see if we can find a good area for entry on the Long side. I'm thinking long on this pair since it's all new lows are prices that have never been breached before making it a juicy profit potential. There is a larger spread on this pair but thats ok I can deal with that. Here is a 10 minute chart displaying about 1 month of activity. I will now zoom in to show what the MA's and MACD / RSI are doing. Zoom in below We can see that the MA's are not yet turning and the MACD is not yet above zero. The RSI however has glanced off of the lower line of 30 which may be showing an oversold condition. The spread on this pair is about 60 pips. That a big spread so with that in mind one must assume more risk to this trade and allocate a larger stop in order to give room for movements.

Have a look at this pair and judge for yourself. Many traders are likely short on this pair since it's longer term outlook is still down but, with good research and a watchful eye I hope to catch a larger correction in the upward direction - maybe of several thousands of pips.




I'm entered Long at a price of 8.5091 - Stop set at 8.4788