[TW 26 SEP 2011] Waiting for short GBPUSD by Nuclearster

Long or Short: Short

Entry Point: between 1.560-1.565

Stop Loss: 1.575

Profit Target/s: 1st 1.520 and 2nd 1.512

Reward-to-risk Ratio: 3:1

Risk percentage: 1%

Indicators used: Fibonacci levels and MACD

Trade Discussion: Now GBPUSD looks like resume downtrend of this week (19-23 sep). I think if this downtrend is third wave, cause of very large MACD, this rebound may be fourth wave. By Bill’s identifying, MACD of fourth wave much has positive value and moving back to below zero line and forming divergence at the end of fifth wave. So, we are waiting for fourth wave end at target zone, identifying by Fibonacci levels, and go short for surfing fifth wave. Good luck!!!