Trading ideas GBPUSD
Posted: Mon Jun 04, 2012 10:31 amJust some signs of a reversal here, use the breaking of moving averages to add to light long positions to 1.5820 potentially 1.5929 stops sub 1.5606 at 1.5590.
It’s most certainly slowed the downtrend but has it started an uptrend? Still very early here to tell but there are some signs developing in the daily chart; 1.5666 was always going to be an important level and that held on the weekly close basis and now I (analyst) turn my attention to the 5 day moving average that hasn’t been closed above since this downtrend began. It trades around 1.5676 now and a close above it would mark a new phase. The next hurdle would be the 10 day moving average around 1.5748 and the previous support line at 1.5820. So there are plenty of hurdles but risk return makes sense going small long here at these levels adding as the upside levels/moving averages are taken out. Stops need to be sub the 1.5606 level.
Source : http://www.extocapital.com
It’s most certainly slowed the downtrend but has it started an uptrend? Still very early here to tell but there are some signs developing in the daily chart; 1.5666 was always going to be an important level and that held on the weekly close basis and now I (analyst) turn my attention to the 5 day moving average that hasn’t been closed above since this downtrend began. It trades around 1.5676 now and a close above it would mark a new phase. The next hurdle would be the 10 day moving average around 1.5748 and the previous support line at 1.5820. So there are plenty of hurdles but risk return makes sense going small long here at these levels adding as the upside levels/moving averages are taken out. Stops need to be sub the 1.5606 level.
Source : http://www.extocapital.com