10-19-2012, 03:07 AM
October 18, 2012
The weekly open was holding strongly until we hit the afternoon portion of the New York session when sellers hit the market with force! GBP/USD eventually dropped a solid 70 pips before settling at the 1.6050 level.
10-21-2012, 11:01 AM
I have been posting recently on the 88.6% fibonacci retracement level. It is a less common number than the widely used retracement levels of 38.2%, 50.0% and 61.8%. Nonetheless, this 88.6% holds a better risk/reward ratio. For GBPUSD, last friday's downward move retraces near to the 88.6% of 1.6000.
If there are no significant gaps on monday opening, i am planning to go long. Stop loss is below the previous swing low of 1.5975.
Long near 1.6000-10
Stop loss below 1.5750-60
First target profit 1.6100
Second target profit 1.6180
Trading is a mind game
10-22-2012, 02:25 AM
October 19, 2012
Another day of consolidation then a break lower during the NY session! Those triple zeroes at 1.6000 held pretty well though!
10-23-2012, 03:07 AM
October 22, 2012
If you were courageous enough to take that bullish divergence signal early in the Tokyo session, you could have earned yourself a smooth 50 pips!
10-24-2012, 12:24 AM
October 23, 2012
The first half of the day was absolutely boring, but then risk aversion kicked in and took GBP/USD down for a sharp drop! Playing the break of 1.6000 would've turned out to be an day trade.
Last edited by BigPippin; 10-24-2012 at 12:27 AM.
10-25-2012, 07:40 AM
October 24, 2012
Hopping on the retest of the daily open would have been the only way to catch the smooth 100-pip rally during the London session!
10-28-2012, 09:46 PM
October 25, 2012
We saw a nice little breakout above the PDH in the Tokyo session that extended well into the New York session thanks to UK's better-than-expected GDP report. That move alone was worth about 90 pips, son!
10-28-2012, 11:29 PM
October 26, 2012
Pretty quiet day for Cable, as the pair pretty much stuck within range. Scalpers could have made a killin' playing that 1.6100 level though!
10-30-2012, 03:30 AM
October 29, 2012
All we saw on GBP/USD was a slow and gentle slide that began at the day's opening price and didn't end until the end of the New York sesh.
10-31-2012, 03:52 AM
October 30, 2012
Pretty quiet day for Cable, as we barely got any reports, not to mention U.S. traders were out thanks to intense rains. I hope all my homies are safe!
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"You have brains in your head. Your feet in your shoes. You can steer yourself in any direction you choose."