Wednesday, August 3, 2011

Quick Update on FX

US Dollar was mixed against most of its major counterparts on Tuesday. On the US economic data front, personal spending fell 0.2% in June (+0.1% expected) while personal income rose 0.1% (+0.2% expecting) according to the US Commerce Department. Also, the Senate has approved a deal to raise the debt ceiling by a 74-26 margin.
Source: IG Markets


Yesterday, highest GBP/USD has gone up 1.6327, and market is consolidating in a narrow range.
My short is not filled.

Last night there's a butterfly pattern that signifies at possible lift, but the strength didn't last. Upon completion of butterfly, I entered a short on GBP/USD at 1.6300.

Obviously, GBP/USD has shifted to a lower gear with the price action below EMA50 in 4 Hour Chart.

Few scenarios:
(1) go up 1.6350-380 to form right shoulder
(2) resisted at EMA50 and continue trade down

Based on the above scenarios,
Again, I will queue to short at 1.6380 and 1.6440 for position trade.
and Holding on to my opened position short at 1.6300 and target 1.6200 support line.

Great Thought for the Day:

Up to you

You will never solve your problems by getting other people to change. The way to move beyond whatever is holding you back is to make positive changes within yourself.

The problem is not the particular situation you are in. The problem is the way you interpret and relate to that situation.

The problem is not the way you are treated by others. The problem is the way you allow the actions of others to affect you.

The problem is not what has happened in the past. The problem is that you’re letting it continue to hold you back.

Take complete responsibility for a problem, and suddenly you are ninety percent of the distance toward solving it. For when you truly take responsibility, you gain real and powerful control.

Fully accept that it is up to you to get where you choose to go. And you’ll find everything necessary to make it so.

by Ralph Marston
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