Tuesday, July 5, 2011

Quick Update on FX


Ops, many lines again, these are different values of moving averages.

Wanted to show the pull up of GBP/USD when it approaches 200 days moving average.
The pull up has extended to 6th day, which I think it should come near to the end of the pull up, average 6-10 days.
GBP/USD has fulfilled 1/3 retracement.  If GBP/USD is going to pull up further, it shall only go up max 1.6250-300.

I queue to Long yesterday but market didn't activate my order, it neither hit my target.
The range is diminishing, and GBP/USD is still trading in consolidation, bias up to test higher resistance level, waiting for a trigger to sell down.

Therefore, Today, I am going do intraday trade:
1) to short at 1.6151, SL 1.6190, TG 1.6050.
2) to long at 1.6001, SL 1.5964, TG 1.6104.

We had a successful market chat yesterday, happy to talk to Sifu and mentor, and associates.
Tonight, we will have the Trader ProMaster gathering.
I plan to organise it fortnightly, am I too excited? :)

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