12-20-2012 GBPUSD DAILY TOYING WITH THIS IDEA

Evaluating the pound can be a challenging task considering the swings in this market, however one of its traits that i have always favored as a swing trader is its tendency to retrace 50% of its prior move before resuming the move or reversing, this trade is a very low risk trade for me, the stop is above the high and the line in the sand is clear, whether or not this short works out or not, one thing is clear, its either going up or its going down.

6 members like this

Comment by Peter jcp on December 21, 2012 at 1:56pm: Hi Gene - I can actually 100% confirm - that the GU will either go........... - up or down - and that any uncertainty in this market for 2013 - will carry on ;-))

It's been a nice sell from 6260 area so far today and staying under that level is a good start

I wish you well with your targets and a great 2013 trading year. And by the way Merry Christmas ;-))

Regards

Peter

Comment by genxtrader on December 21, 2012 at 3:09pm: Hi pete- Merry Christmas to you as well my friend, maybe Santa will give me my targets, but rest assured i will keep my eyes peeled for the grinch. : )

Comment by genxtrader on December 21, 2012 at 4:18pm: moving right along.

Comment by genxtrader on December 21, 2012 at 5:28pm

Comment by genxtrader on December 23, 2012 at 5:08pm

Comment by majimaji on December 23, 2012 at 9:00pm: am with you on this short :-).. good luck mate

Comment by genxtrader on December 24, 2012 at 4:08pm

Comment by Peter jcp on December 24, 2012 at 4:32pm: Hi Gene - LH at 6205 and then the fall and now approx 90 pip drop - very nice for Christmas eve and easier than the EU - which had a LH at 3233 but only dropped approximately 50 pips.

Merry Christmas ;-))))

Regards

Peter