8 May 2009

GBP hit a low at 1.494 yesterday and start retrace.

As most probably direction points to a bearish action, I will wait for a retracement (based on fib) to its 38% at 1.5040 or 50% at 1.507 before short. I happen to be there for the 1.504 short. But if you have miss it don't chase after it. TP 1.4856, SL 1.515.

The other trade is to expect a break out 1.4930, TP 1.4856, SL 1.500

7 May 2009

Surprised by the rebound back to resistance level at 1.516.
GBP may retrace and hit new high towards 1.526 and 1.538.

But charts say other wise, showing oversold and may gave a series of bear run. Strong support at 1.5, then 1.47.

How to play? I will place a long at 1.5057, TP 1.5150, SL 1.50
Another long at 1.52o, TP 1.532, SL 1.51

Its about wait and see today if there is any bearish trend appearing, before any action in that direction.

6May 2009

I will place a long limit order at 1.5005, TP at 1.5086, SL at 1.492.

I will be monitoring the retracement up if trade is triggered and adjust the TP and the SL. Hope to exit before 1630hrs news and do a wait and see.