[TW] 5-21-2012 Long GBP/USD By youngerprodigy

[youngerprodigy]

Similar to my post in the other forum:

Long or Short: Long
Entry Point: Ideally 1.5791

Stop Loss: 1.5735

Profit Target/s: 1.585-1.5900 for this purpose but will try and swing trade the hypothetical uptrend.

Reward-to-risk Ratio: depends on swings but if long whole way , a huge reward to a low risk

After a big uptrend, then a big downtrend, macd, ma's, bollingers, fibbs indicate a possible switch.


ENTRY:
looking at the current end of a downtrend, there was a bearsh signal which was combined with a macd crossover and a moving average crossover, uptrend possibly? check out the daily chart underneath




PROFITGOAL:
This chart with fibonacci retracement makes me hope it can't close past 50% for the start of hopefully bullish new week what?


I went ahead and went long at 1.5791 and will be day trading that if this uptrend is true and if this can close with a possible bullish signal not crossing fib or a decent doji possibly.


BTW. my stoploss is bottom of the potential doji, 1.5735, which happens to be the bullish signal i pointed out in the first chart which is literally the same, 1.5732

Read more: Join me on my trip through GBP/USD

[hmongak]

i like it i'm aiming for 1.60. think that's very likely. good luck.

[youngerprodigy]

yeah, considering it couldn't even close past the 50%, we should get some pips here for sure.

[youngerprodigy]

breaking this 30 minute resistance should show a good bull run for tomorrow. not sure why this isn't in the week's poll since i'd rather be in on this with risk/reward than another but that's okay im just using this as a log per say

if today (11pmish when i sleep) can end at 1.5850+ we should see a good run for tomorrow, 1.5865 is a 23.6% resistance for fibonacci so that is a resistance! good time to swing trade or whatever. we'll see.