GBPUSD testing major resistance, prepare to sell

FX:GBPUSD   Britisches Pfund / US-Dollar
Sell below 1.3319. Stop loss at 1.3427. Take profit at 1.3161.
Reason for the trading strategy (technically):
Price has started to react strongly off major resistance at 1.3319 ( Fibonacci retracement , Fibonacci extension , horizontal overlap resistance) and we expect to see a strong drop below this level to push price down to at least 1.3161 support ( Fibonacci retracement , Fibonacci extension ).
Stochastic (89,3,1) is seeing strong resistance below 99% and is turning down nicely signalling that a reversal is in action.
Trade geschlossen: Ziel wurde erreicht: once again... PIPS IN OUR POCKETS! WHOO! --> join the waiting list for our free live trading room!
Hi All. I can see the good analysis done here. Please can you teach me how to analyse the market ?
NICEEEEE!! 2thumbs up!
Do you think it will start to reverse now?
Ahmed112 Ahmed112
@Ahmed112, i think it still has to go down more then show some minor resistance then bounce back up, what do you think?
@Ahmed112, Not sure yet bud, I will do the analysis tomorrow perhaps :)
@Ahmed112, Actually, I should be launchign a free live trading room soon that monitors the market more closely. PM if you're interested bud
Ahmed112 MEX_Exchange
@MEX_Exchange, yo, roll me in man im down.
BrijeshKukreja MEX_Exchange
@MEX_Exchange, I am interested. Please add me to your live trading session
Didn't make entry level. BOE inflation report and other econ news had a severe impact and price dropped. Looks like price is encountering some resistance at 1.30800. Actual resistance at 1.30698. Possible price might bounce at that level and retrace to sell entry point.
+1 Antworten
MEX_Exchange PRO ExquisiteTinker
@ExquisiteTinker, actually we look to sell below entry that means we usually scale into the position. Taking one position and scaling in if price goes towards our entry. This ensures we don't miss the whole move if price really drops hard.
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