Monday, 9 May 2011

GBP/USD Analysis

The fall that started last week has fallen into support by the way of 50MA, hitting the bottom line of a bearish channel and rejecting 16361 support

It has also formed a bullish candle and most importantly, is still with the trend, giving us a price action setup to go long. Again, im looking for a 50% retrace of todays candle on the daily timeframe to enter to go long. Below order placed:

ENTRY: 16337
STOP: 16263
LIMIT: 16485

RISK/REWARD: 2/1

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2 comments:

  1. Tee Man10 May 2011 at 21:21

    order triggered on the drop today and seems to be holding out for a way up, continuing to monitor

    ReplyDelete
  2. Tee Man11 May 2011 at 21:10

    Todays rise higher made this trade successful before it collapsed. Limit hit 148pips

    ReplyDelete

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