Good morning guys,
Yesterday was a very boring day for me since i trade GBP/USD.
There was hardly any volatility if not any at all.
My long trade yesterday went ok i guess, but i closed it today at the high with only a 15 Pip gain. I had my stop loss set, but i terminated the position today as i didn’t like the way things were looking plus, if you take a look at M15 you will realize there is a serious EMA Bunch at the moment, so we know there is going to be a breakout soon.
We’ve broken over 9777 thats clear and the next major target after breaking 9800 Psychological resistence is 9846
Rumours has it that some big boys are setting stops above 9800 and they seem to be piling.
Frankly considering all the short term bearish signs and the lack of bullish aggression i wonder if we will be able to raise enough coordinated havoc to break through short term stops talk less of major targets like 9846.
RSI is looking flat as a Sunday morning pancake with chocolate spread.
My recommendation for now is to wait it out and long over a decisive break of 9800, because naturaly it is over this level that buyer interest will resume and we may see a good push up to 9846. If you’re a real hot shot you could buy around the break of 9791 and ride the rainbow up.
Either way we need some good bullish initiative to get RSI of its back and put things back in movement.
If we get a break and small rally i expect it to be at least 40 pips, so if you buy at the break of 9791, you will be sure to bag in 40 pipos guaranteed.
Thats pretty much it.
Regards,
E. Lang