Thanx a lot guys,
I appreciate the support, especially right now... sniff.
Means a lot to me.
Here is the next trade.
TRADE #014
~GBP/USD~
25.04.2007
Entry - 2.0040 
Lots Traded - 2.0
Target 1 / 10 PIPs - 2.0055 (LIVE)
Target 2 / 30 PIPs - 2.0075 (LIVE)
Target 3 / 50 PIPs - 2.0095 (LIVE)
INTRA-DAY Stop Loss / 50 PIPs- 1.9995 (LIVE)
SWING Stop Loss / 100 PIPs- 1.9940 (LIVE)
Lash - 0 PIPS
TRADE TYPE: 100% Mechanical
(Entirely Indicator Based / No Technical or Fundamental Anlysis)
STATISTICS
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TOTAL Profit Since Trade #001 /16.03.2007/: +1109 PIPS
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TOTAL Loss Since Trade #001 /16.03.2007/: -240 PIPS
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TOTAL P/L On Current Trade:
(0) PIPS
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SUM TILL DATE: +869 PIPS
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RECOMMENDATIONS:
Close your first lot when you hit 30 Pips Profit or a Target of your choice T1-T3 and set a SL for the remaining lot 5 Pips ahead of your Entry Position or at B/E so even if the trade goes against you, you will close with a minimum of 50 + 5 PIPs profit or no incurred expense.
GBP USD ANALYSIS:
Cable's retreat from 2.0132 was support above 4 hours 55 EMA and rebound from 1.9954 has now brought 4 hours MACD above signal line, suggesting the retreat has already completed. At this point, intraday bias is turned back to the upside and break of 2.0067 will confirm this and bring retest of 2.0132 high. But still, firm break of 2.0132 is needed to confirm recent rally has resumed. Otherwise, consolidation might extend further with risk of another fall remains. Below 1.9954 support will bring further decline towards short term rising channel support (now at 1.9863)
In the bigger picture, we'd like to point of that risk of medium term reversal is increasing. Firstly, the whole up trend from 1.7047 is not clearly impulsive. One interpretation is that rally from 1.7047 ended with three waves up to 1.9024. Subsequent correction ended at 1.8090. Rally from 1.8090 has already met mentioned target of 100% projection of 1.7047 to 1.9024 from 1.8090 at 2.0067. Secondly, regardless of the larger trend, rise from 1.8090 can be interpreted as being a five wave sequence with first wave ended at 1.9142, second at 1.8517, third at 1.9913 and fourth at 1.9183. The channeling property supports this interpretation too. In such case, the fifth wave rally from 1.9183 has also met target of 61.8% projection of 1.8517 to 1.9913 from 1.9183 at 2.0046 too. With bearish divergence condition remains in weekly RSI and Daily MACD and key 2.0106 resistance (92 high) not decisively taken out, cable could be forming a top at the current price level.
On the downside, break of 1.9723/26 support will warn that the rise from 1.9183 has completed and put medium term rising channel support (now at 1.9428) back into focus. Firm break of the channel support will indicate that the whole rally from 1.8090 has completed and add much credence to the case that an important medium term is already formed and put focus to 1.9183 low. However, a sustained trading above mentioned 2.0106 resistance will dampen the above interpretation and indicates that underlying bullishness in cable is much stronger then we thought. Further medium term rally should then be seen towards 61.8% projection of 1.3680 (01 low) to 1.9554 (05 high) from 1.7047 (05 low) at 2.0677.
Linear Mode
