Back to my favorite market! And my broker just announced a minimum spread cut on GBP/USD! Muaks!
Love it!
GBP/USD faced resistance at 1.6620 region and finally showing sign of weakness.
On weekly chart, GBP/USD has posted a completion of V with the right top at 1.6545 on 31-May-2011 (Tuesday).
I am looking at GBP/USD to make minimum 1/3 retracement to 1.5900 - 1.5850 in a month's time.
Therefore all short term trading strategy shall be on bearish side, unless market breaking the high of 1.6500 and going to 1.6600. If this happens, then market is going to resume the uptrend and form a double top at 1.6750.
Tomorrow, hunting for short.
Game Plan:
Short GBP/USD 1.6450 SL 1.6490 TG 1.6300.
EUR/USD
Waiting for V to appear.
although EUR/USD is now trading near my desired level to establish Short, but the strength of bullish still remain strong, it is possible that EUR/USD continue to inch higher towards 1.4520.
with the daily candlestick reversal pattern, I am willing to short near 1.4450 - 1.4520, just wait.
Preference is to trade GBP/USD.
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