Well, market is not good to me, look at that, after my stop at entry level, its now about 100 pips up. But those are the rules. It was up 40 pips in my favor, and that is +1.2%, I have and will move stops to b/e after such moves...ok, maybe I get to reenter later. I would like to post a chart. On daily GBPUSD chart we can see 2 very bearish candles (stars) in raw which indicate move south may start. In July we had almost same combination in the opposite direction. Almost similar situation here (reversed) after the strong move. Chances are very good to get 1.6650 levels for the start. Short on Cable is another trade I am looking to enter.
first, I would like to link to very good Analysis Tips I found on Futures magazine website. Very nice articles. Especially Tips for Trading E-Forex, When Currencies Move Against You and Using Fibonacci to Your Advantage - this one is classical model. second: yesterdays' thoughts about shorting Cable, Swissy and Euro are still in place if I get to enter at good price. EurGBP may be reentered as well. This may occur to be even a reversal point. Leave the double top on daily chart on euro alone - look at double top on weeklies with 1st top in June @1.19 and second now. It is still a double bottom no matter how we look at it. Difference of 50-100 pips is not that big of a deal on weekly charts; its like 10 pips difference on 50 min charts - it still would be double top. And the fact that second top was lower is not making euro any good as well. This is longer possible perspective, but as I say - it doesnt matter, bcos we are not that long term investors... For now I think we may target 1.1470 (see the image). Ok, good trades everyone! Rezo