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
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
posted by Ernest Seng at 8:43 AM
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