Discussion in 'Forex Trading' started by btowntrader54, Dec 30, 2008.

  1. I had previously thought this was presenting a good long opportunity but have since been proven wrong. Now with this breaking of support, what do you think of a short position?

    My entries were 1.4437 and 1.4451.
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  2. just21


    IF you look at the monthly, there is major support around 1.40 from 1986, 1993, 2000-2002. Fundamentals for the pound are lousy but this level could stop the decline for a while.
  3. What a spike today, 1.47 to 1.435. I think the neighbors heard me cussing. I rode it out but that was a good move. I amd still eying GBP/CAD but the spreads keep me from trading it.

  4. hedonQ


    Be aware of the holiday thin trading.
    The break of the support level might be just that.
    I don't like your entry at all.

    Good Luck.
  5. Ended up getting crushed. On to the next one.
  6. just21


    Thursday 12:00gmt, how big is the rate cut going to be? If they go big and announce quantative easing then support may break. Christmas sales at John Lewis flat year over year so maybe things are not as bad as the market thinks.
  7. I am going wait until after the decision to make another move on the GBP/USD. I filled my quota for the week and have the luxury of sitting and waiting. The move on the EUR/GBP definately pumped the GBP today so I don't want to wait around for any snap back on that pair which will cause the GBP to loose ground.