My apologies for drawing my trend lines the way that fits what I am thinking. But the variation if you draw them your way will not be too far from mine.
I am looking to go short on gold once it breaks below 1204.70. First target will be the blue trend line.
In case price goes the other way. a break above the red trend line perhaps with a retest will be the signal to enter long.
Either way this is a tight corner and a break out is imminent. My own bias is to the short…Continue
At the end of June 2014 began a downtrend in the cable that lasted until mid Jan 2015 losing 2,300 pips in this process as the weekly chart below shows. Since then the GBP has recovered a bit making it to 23.6% retracement level last week.
Next I take a look at the daily chart. Price has been well…Continue
Let us start by looking at the weekly chart. The bearish action has been very powerful with a few strong candles. There was some choppy price action between Sep and Dec and then strong bearish action followed again. the last 2 weeks have seen some decent recovery and so the question is how much recovery will the bulls be able to achieve.…Continue
First of all I need to say that I am no expert in trading. Like most people here, I am a student but a keen student developing my skills. Lessons are learnt each day in the forex market and it is important not to forget them. The purpose of this post is just to share one such lesson.
I recently took a long GBPJPY trade that is posted separately, so I will not go into details of how that trade progressed but will talk about it to highlight my subject of patience.
Take a look at…Continue